AUD/USD fails ahead of 0.76 handle, focus remains on FOMC minutes
• Political headlines offset upbeat domestic data.
• Sliding US bond yields help limit losses.
The AUD/USD pair failed just ahead of the 0.7600 handle and quickly retreated over 30-pips from session tops.
The pair built on overnight recovery move from fresh 5-month lows and got a minor boost from today's stronger-than-expected Australian construction output figures, coming in to show a growth of 15.7% in the third quarter.
The latest Australian political headlines, wherein Senator Skye Kakosche-Moore resigned over her dual British citizenship, capped any additional gains, with failing to reclaim the 0.7600 handle.
Meanwhile, the ongoing slide in the US Treasury bond yields kept the US Dollar bulls on the defensive and helped limit deeper losses, at least for the time being.
Later during the NA session, the key US durable goods orders would now be looked upon for some short-term trading impetus but the key focus would be on the latest FOMC meeting minutes, which would help investors determine the next leg of directional move for higher-yielding currencies - like the Aussie.
Technical levels to watch
Currently trading near 0.7570 level, immediate support is pegged near 0.7550 area, below which the pair might turn vulnerable to head towards testing the key 0.75 psychological mark.
On the upside, any recovery attempts might continue to confront fresh supply near the 0.7600 handle, which if cleared might trigger a short-covering bounce towards 0.7625 intermediate hurdle en-route mid-0.7600s.