AUD/USD eyeing for a break below 0.7600 on poor Aus data

The AUD/USD pair maintains the offered tone and meanders near session troughs following the release of worse-than expected Australian construction output data.

AUD/USD trades around 5-DMA

Currently, the AUD/USD pair trades modestly lower at 0.7611, flirting with session lows struck at 0.7609 in the last hour. The bears to take a breather after the overnight sell-off, allowing the major to attempt a minor-consolidation to the downside amid poor Aus construction work done data. Australia’s construction output data for Q2 came in at-3.7% versus -2.0% expected.

Moreover, the Aussie stalled its selling spiral also in response to a recovery staged by both the oil prices as well as Asian indices, easing risk-off moods somewhat. Focus now remains on the US existing home sales data and EIA crude inventory data for further cues on the resource-linked AUD/USD.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7644 (10 & 20-DMA) above which gains could be extended to the next hurdle located at 0.7700 (round figure). On the flip side, the immediate support located at 0.7585/70 (Aug 22 low/ 50-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7550 (round number).