AUD/USD bounces off 0.7600 handle, healthcare vote awaited
|The AUD/USD pair refreshed weekly lows near the 0.7600 handle following the release of US durable goods orders data, albeit has managed to bounce off lows to currently trad around 0.7620 region.
The pair ran through some fresh offers near 50-day SMA in wake of a tepid greenback recovery led by better-than-expected US durable goods orders data for February. According to the data released by the Commerce Department, new orders for durable goods advance for the second straight month in February, coming in at 1.7%. The growth was below previous month's upwardly revised 2.3% growth reported but was better-than 1.2% expected. Meanwhile, excluding transportation items (core durable goods) orders rose slightly below consensus estimates at 0.5%.
However, barring the initial minor movement, market reaction to the macro data was largely muted, with the key US Dollar Index struggling near mid-99.00s as investors opt for wait-and-see strategy ahead of the very important House vote on Trump's healthcare bill. The legislation would replace and repeal Obamacare bill, and would also drive investors’ expectations over Trump's ability to push through the promised pro-growth economic policies.
• Optimistic that health care bill will pass - U.S. Treasury's Mnuchin
Technical levels to watch
Bears would be eyeing for a decisive break through the 0.7600 handle, below which the pair is likely to accelerate the slide towards 0.7570 horizontal support ahead of the very important 200-day SMA support near the 0.7545 region.
On the upside, sustained recovery above 0.7625-30 area might lift the pair back towards 0.7665 horizontal resistance, en-route the 0.7700 handle.
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