AUD/USD hits fresh weekly lows near 0.7425, US macro data eyed

The AUD/USD pair extended previous session's retracement from three week highs, beyond the key 0.75 psychological mark, and dropped to fresh weekly lows.

Spot remained under some selling pressure for the second consecutive session and has now reversed all of its gains recorded during the first of this week. A modest US Dollar recovery, led by Thursday's upbeat US weekly jobless claims data that continued reflecting the underlying strength in the US labor market, has been the key factor weighing on the major.

This coupled with a subdued trading action around commodity space, especially copper, did little to stall the pair's ongoing slide from the highest level since early May.

However, the ongoing slide in the US treasury bond yields, for the time being, extended some support to higher-yielding currencies - like the Aussie, and helped the pair to bounce off few pips from session lows near 0.7420 region. 

Later during the NA session, the US macro data that includes - preliminary US GDP print, Durable Goods Orders and revised UoM Consumer Sentiment Index, would now be looked upon for some fresh impetus. 

Technical levels to watch

A follow through weakness below 0.7420 level (session low) now seems to drag the pair below the 0.7400 handle towards testing its next support near 0.7385-80 region. On the upside, mid-0.7400s could act as immediate resistance, above which the pair could rise back to 0.7475 horizontal resistance en-route the 0.75 handle.