AUD/USD trims Chinese data-led gains beyond 0.7500 mark

The AUD/USD pair struggled to sustained its move beyond 0.7500 psychological mark and has now reversed majority of Chinese trade data-led gains to 3-week high.

Currently trading around 0.7490 region, with only marginal gains, the pair initially was seen building on to previous session's reversal from disappointing Australian GDP-led slide to 0.7415 region and surged past 0.7500 handle following the release of Chinese trade balance data. Although, the overall trade balance fell short of consensus estimates, a better-than-expected rise in both exports and imports provided a boost to the Australian Dollar. The pair, however, lost its upside momentum as a higher-than-expected Australian trade deficit (also released on Thursday) was seen weighing on the Australian Dollar. 

Later during NA session, the usual weekly jobless claims data from the US will be looked upon for short-term trading opportunities, while ECB monetary policy-led volatility in the FX market might also contribute to the pair's momentum on Thursday.

Technical levels to watch

Immediate downside support is pegged at 0.7480-75 area (session low) below which the pair is likely to accelerate the slide towards 0.7455-50 region before eventually dropping to 0.7415-10 strong horizontal support. On the upside, sustained strength back above 0.7500 handle, leading to a momentum above 0.7510 level, should boost the pair further towards the very important 200-day SMA resistance near 0.7530 region.