AUD/USD once again fails to keep 0.75 mark, slides to session lows

Having retested 3-week highs near 0.7515 region, the AUD/USD pair came under some selling pressure and has now reversed part of previous session's gains led by the FOMC minutes.

The pair's retracement from higher level could be attributed to a modest US Dollar recovery following a slump back to multi-month lows in wake of Wednesday's disappointment from the FOMC meeting minutes, which failed to meet market expectations of aggressive Fed rate-tightening cycle through 2017.

Recovery in the US treasury bond yields helped the greenback to bounce off lows and was seen weighing on higher-yielding currencies - like the Aussie. 

Moreover, the pair so far has repeatedly failed to sustain its up-move beyond the key 0.75 psychological mark and hence, possibilities of some long-unwinding could also be one of the factors collaborating to pair's slide to fresh session lows near 0.7485 level. 

Short-term traders would now take cues from today's US economic docket, featuring the release of trade balance, wholesale inventories and weekly jobless claims, later during the NA session. 

Technical levels to watch

Immediate support is pegged near 0.7475 level, below which the pair seems to head back towards 0.7430 horizontal support before eventually dropping back to the 0.7400 handle. On the upside, momentum back above the 0.75 handle should continue to confront some fresh supply around 0.7515-20 area, which if conquered could lift the pair towards 100-day SMA hurdle near 0.7555 region.