AUD/USD turns flat at 0.7630, focus shifts to US data for fresh impetus

The AUD/USD is seen fading its bullish spike to 0.7676 and has now turned absolutely flat to currently trade around 0.7630-35 band. 

During early Asian trading session, the pair jumped to highest level since early May after the release of upbeat Chinese economic data, especially better-than-expected Q2 GDP and monthly industrial production data. 

The pair, however, lost its upside momentum as aggressive traders seemed to move on the back-foot ahead of the US economic releases, later during NA trading session. US economic data, slated for release on Friday, includes - CPI and monthly retail sales data, accompanied with Empire state manufacturing survey, followed by industrial production and consumer confidence index. 

The pair on Thursday gained traction despite of slightly weaker-than-expected Australian employment details on broadly weaker US Dollar, led by global risk-on sentiment that was seen weighing on traditional safe-haven assets - like gold, Yen and USD.

Technical levels to watch

From current levels, 0.7610-0.7600 area seems to protect immediate downside. Failure to hold this immediate support, and a subsequent drop below 0.7570-60 support now seems to drag the pair back below 0.7500 psychological mark, towards testing 100-day SMA support near 0.7475 region.

On the flip side, strong bullish momentum back above 0.7650 level seems to boost the pair immediately towards 0.7720 level (May 3 high), above which the momentum could get extended towards April 27 highs resistance near 0.7760-65 zone.