AUD/USD maintains bearish bias for third straight session
|The AUD/USD pair traded with bearish bias for the third straight session but remained within previous session's trading range.
The pair prolonged its corrective slide from over 4-month tops touched at the beginning of this week and continued with its struggle to recover back the 0.7700 handle amid weaker commodity prices. This coupled with a modest recovery in the US treasury bond yields is further weighing on the higher-yielding currencies - like the Aussie.
Despite of today's downslide, the pair has held above previous session's weekly lows as investors wait to see the fate of Trump's healthcare bill that repeal and replace ObamaCare. Today's historic vote in the House of Representatives would be a key determinant of the market expectations over Trump's ability to deliver on the promised pro-growth economic policies and the US Dollar's next leg of directional move.
Trump needs a House victory to hold back creeping doubts over his Presidency – AmpGFX
Also in focus would be speeches from the Fed Chair Janet Yellen and Minneapolis Fed President Neel Kashkari – the sole dissenter against the Fed rate hike decision last week.
On the economic data front, the release of initial weekly jobless claims and new home sales data from the US might provide some trading impetus during early NA session.
Technical levels to watch
Currently trading around 0.7660 level, bears would be eyeing for a decisive break below 0.7440 support (yesterday's low), below which the pair is likely to accelerate the slide towards 50-day SMA support near 0.7615 region ahead of 0.7575 strong horizontal support.
On the upside, momentum above 0.7680-85 immediate hurdle has the potential to lift the pair towards 0.7710 intermediate resistance, en-route multi-month highs strong resistance near mid-0.7700s.
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