AUD/USD bulls losing the battle for the 0.76 handle

Currently, AUD/USD is trading at 0.7601, down -0.36% on the day, having posted a daily high at 0.7642 and low at 0.7591.

Despite misses in key US data today, AUD/USD remains under pressure after the retail sales data failed to impress overnight. Despite an upside surprise in the building sector, (Building approvals +8.3%/mth (houses and apartments picked up) following the recovery in housing finance for new activity), the retail sales data overshadowed any advances there. Retail sales arrived 0.1% contraction in February vs. the + 0.3% expected and 0.4% prior. The RBA will be alarmed by such data signifying less confidence in the consumer. 

• US: Manufacturing growth slows to six-month low in March - Markit
• US: PMI shows growth in manufacturing for the seventh consecutive month - ISM
• Fed's Dudley: U.S. household sector in unusually good shape given economic cycle - Reuters

Looking ahead, the RBA’s cash rate decision is tonight while a unanimous pause at 1.5% is expected by markets. Markets are also expecting a decent AU trade surplus. Ahead of the Asian session, we will hear from Fed speakers, Philadelphia's Fed President Patrick Harker and Richmond's Fed President Jeffrey Lacker. For the rest of the week, it remains busy with FOMC minutes and the nonfarm payrolls on Friday -  US: Busy week ahead from a data perspective - Rabobank

AUD/USD levels

AUD/USD: 0.7551 200 day ma eyed - Commerzbank

AUD/USD is weakening and losing the 0.76 handle. There has not been a convincing bounce from a double test of the downside below the 0.76 handle and the intraday Elliott wave counts are suggesting that the bounce does not have much further to run, as noted by analysts at Commerzbank: "We are unable to rule out a retest of the 0.7740/78 resistance area but this is less favoured (the February as well as November 8 th highs). Failure here will target the 0.7551 200 day ma.