AUD/USD consolidates daily gains above 0.7700 ahead of US data

• AUD/USD rose above 0.7700 on Tuesday, erased Monday's losses.
• US Dollar Index remains depressed below 90.00 ahead of US data.
• FOMC policymakers Evans and Williams will be delivering speeches.

The AUD/USD pair posted modest losses on Monday and spent the Asian session moving sideways below 0.7700 on Tuesday. With the greenback coming under renewed selling pressure during the European trading hours, however, the pair gained traction and touched a daily high of 0.7725 before going into a consolidation phase. As of writing, the pair was up 0.52% on the day at 0.7703.

DXY recovers modestly ahead of US data, Georgia election

On Tuesday, the data from Australia showed that ANZ Job Advertisements in December increased by 9.2%, compared to 13.5% in November, but failed to trigger a market reaction.

Meanwhile, the greenback remains on the back foot on Tuesday as investors seem to be pricing a Democrat majority in the US Senate after the runoff election in Georgia.

However, the S&P 500 Futures, which were up around 0.3% earlier in the session, recently fell into the negative territory and the USD could stage a rebound if the mood turns cautious in the American session. At the moment, the US Dollar Index (DXY) is losing 0.15% at 89.72.

The US economic docket will feature the ISM's Manufacturing PMI report for December. On Wednesday, Commonwealth Bank Services PMI and Composite PMI data from Australia will be looked upon for fresh impetus.

Technical levels to watch for