AUD/USD keeps the red near weekly lows after US weekly jobless claims

The AUD/USD pair stalled its tepid recovery move near 0.7575 region and turned sharply lower to hit fresh weekly lows near 0.7535 region.

The pair drifted into negative territory for the fourth consecutive session and inched closer to the very important 200-day SMA support. A modest pick-up in the US Treasury bond yields, which underpinned the US Dollar demand, was seen weighing on higher-yielding currencies - like the Aussie.

The selling pressure, however, receded after the US weekly jobless claims rose more than expected to 241K for the week ended June 16 as compared to previous week’s 238K (revised higher from 237K reported earlier) and 240K expected. 

Meanwhile, a mildly positive tone around commodity space, especially copper, extended some support and helped the pair to hold above the very important 200-day SMA support.

Next in focus would be the Federal Reserve Governor Jerome Powell's testimony before the US Senate Committee on Banking, which might provide some fresh clues over the Fed's near-term monetary policy outlook and provide some fresh impetus for the pair's movement through NY trading session on Thursday.

   •  US: Fed Governor Powell’s speech in focus - BBH

Technical levels to watch

A follow through selling pressure has the potential to drag the pair back towards the key 0.75 psychological mark ahead of the next strong support near 0.7475-65 region.

On the upside, any recovery attempts might continue to face hurdle near 0.7575 level, above which the pair seems all set to surpass the 0.7600 handle and aim towards testing multi-month highs resistance near 0.7630-35 region.