AUD/USD recovers lost ground, turns neutral ahead of US macro releases

Having posted a session low near 0.7510 region, the AUD/USD pair staged a goodish recovery and has now reversed daily losses ahead of US data.

Currently trading around 0.7535 region, stalling greenback buying interest, with the key US Dollar Index retracing back to mid-100.00s, helped the pair to recover around 25-pips from weekly lows touched during European trading session on Friday. 

Moreover, a mild recovery in Copper prices also supported demand for commodity-linked currencies - like the Aussie, and collaborating to the pair's ongoing recovery move. 

Meanwhile, a fresh wave of rise in the US treasury bond yields is likely to restrict any sharp recovery for the major ahead of today's key US macro releases - advanced US GDP print for Q4 2016 and monthly durable goods orders. 

Technical levels to watch

A follow through recovery move is likely to confront resistance near 0.7550-55 region above which the pair is likely to aim back towards reclaiming 0.7600 handle, with some intermediate resistance near 0.7580 horizontal area. 

On the downside, sustained weakness below 0.7525-20 area is likely to accelerate towards the very important 200-day SMA support near 0.7500 psychological mark, en-route 0.7475 horizontal support.