AUD/USD holds comfortably above 0.7900 handle

The AUD/USD pair snapped five consecutive days of losing streak and gained some traction on Tuesday, now holding comfortably above the 0.7900 handle.

The US Dollar stalled the post-NFP recovery from 15-month lows and came under some renewed selling pressure on dovish comments from a couple of FOMC members, helping the pair to rebound from near 2-week lows touched yesterday. 

However, today's lower-than-expected Chinese export/import growth numbers did little to provide any follow through bullish impetus to the China-proxy Australian Dollar and failed to assist the pair to build on early up-move.

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The pair lacked any strong follow through momentum and now seems to have entered a consolidation phase within 15-20 pips narrow trading range around the 0.7915-35 region in a relatively quiet trading session on Tuesday. 

With the scheduled release of JOLTS Job Openings, today's US economic docket lacks any major market moving data and hence, broader market sentiment around the greenback would remain a key determinant of the pair's movement through Tuesday's trading session.

Technical levels to watch

Bulls would be eyeing for a follow through buying interest beyond mid-0.7900s, above which the pair is likely to make a fresh attempt towards conquering the key 0.80 psychological mark. On the flip side, the 0.7910-0.7900 region now seems to protect the immediate downside, which if broken is likely to accelerate the fall towards 0.7875 horizontal support en-route its next major support near 0.7830-25 zone.