AUD/USD down to test 0.7550 amid thin markets, Aus Q1 CPI eyed

The AUD/USD pair failed to take on the overnight recovery mode beyond 0.7570 levels, now pushing the rates lower towards the mid-point of 0.75 handle.

The spot trades largely subdued so far this session, in absence of fresh fundamentals drivers amid holiday-thinned markets, as the Australian traders are away on a National holiday – ANZAC Day.

Also, muted trading activity in gold and copper prices on Comex further adds to the softness seen behind the resource-linked Aussie. Copper futures trade flat around $ 2.565/ pound, while gold trades -0.15% just ahead of $ 1275.

The Aussie witnessed two-way trades yesterday after the fear trade got wiped-out amid French election optimism and subsequent sell-off in the greenback across the board. However, the upside lost pace after the USD index pulled back and oil prices turned lower.

All eyes now remain on the upcoming US consumer confidence and new home sales data lined up for release later in the NA session, while tomorrow’s Aus Q1 CPI data will shape up next direction in the pair.

AUD/USD Levels to watch   

At 0.7559, the immediate support is located at 0.7547/43 (20 & 200-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7470/69 (intermittent support) and below that 0.7446 (Jan 13 low). On the flip side, the pair finds the immediate resistance at 0.7595/0.7600 (50-DMA/ round number) above which gains could be extended to the next hurdle located 0.7614/16 (Apr 17 & 4 low) and 0.7650 (psychological levels).