AUD/USD consolidates around 0.76 handle, US macro data eyed

The AUD/USD pair seems to have entered a consolidation phase and was seen oscillating in a narrow trading range around the 0.7600 handle.

The pair on Thursday failed to benefit from today's upbeat Australian trade balance data, showing surplus widened to A$2.471 billion as compared to A$1.10 billion expected. The gains were primarily driven by a 9% m-o-m jump in exports but did little to boost the domestic currency.

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Also on Wednesday, the pair attempted to recover some of its RBA-led slump but struggled to sustain at higher levels and ran through some fresh offers near 0.7630 strong horizontal resistance following the release of FOMC meeting minutes.

Reemergence of selling interest clearly seems to suggest that the pair could extend its near-term corrective slide from multi-month highs touched last Friday.

Focus now shifts to the US economic docket, featuring the release of ADP report, trade balance data and ISM non-manufacturing PMI, which would be looked upon for some trading impetus ahead of Friday's keenly watched NFP data.

Technical levels to watch

Bears would be eyeing for a follow through weakness below 0.7575-70 immediate support, which if broken could accelerate the slide back towards the very important 200-day SMA support near 0.7535-30 region. On the upside, any recovery moves might continue to confront fresh supply near 0.7630-35 region, above which the pair is likely to aim towards reclaiming the 0.7700 handle with some intermediate resistance near 0.7675-80 area.