AUD/USD flirting with weekly lows, focus remains on US data

Having posted a session high at 0.7542 level, the AUD/USD pair came under some renewed selling pressure and dropped to fresh weekly low.

The pair, however, has recovered few pips from session low and is currently trading around 0.7520 region. This week's disappointing Australian CPI print, which fueled expectations of additional monetary easing by RBA, continues to weigh on the Australian Dollar and collaborating to the pair's offered tone for the fourth consecutive session. 

Meanwhile, continuous rise in the US treasury bond yields, amid fresh wave of optimism over faster US economic growth led by the US President Donald Trump's aggressive fiscal measures, lent support to the US Dollar's recovery from Thursday's 7-week low and was driving flows away from higher-yielding currencies - like the Aussie. 

Investors on Friday will remain focused on the advanced release of US Q4 GDP growth and durable goods orders, which would provide some fresh impetus for the pair’s next leg of directional move.

Technical levels to watch

Immediate support is seen at 200-day SMA near 0.7500-0.7495 region below which the pair is likely to slide towards 0.7475 horizontal level, en-route 0.7450 support. On the upside, sustained recovery move above session peak resistance near 0.7540-45 region is likely to lift the pair back towards 0.7580 barrier ahead of 0.7600 round figure mark.