AUD/USD attempts a tepid recovery to 0.7500 handle

Following a drop to fresh two-week low, the AUD/USD pair has managed to recovery and move back in positive territory to currently trade within striking distance of reclaiming 0.7500 mark.

Earlier during Asian session, the pair dropped to test 0.7450 region support as increasing prospects of further RBA monetary easing continued weighing on the Australian Dollar. 

The pair, however, caught some buying interest at lower level after the quarterly release of NAB Quarterly Business Confidence survey that showed a slight improvement business conditions. However, the overall business confidence index dropped to 2 vs 4 recorded in the previous quarter.

The pair also seems to benefit from mild weakness in the greenback, as measured by the US Dollar index, ahead of the ECB rate decision that could move the US Dollar in either direction and eventually provide some momentum for the AUD/USD major. 

From the US, economic releases slated for release of Thursday include - Philly Fed Manufacturing Index, weekly unemployment claims and existing home sales data. 

Technical levels to watch

From current levels, momentum above 0.7500 handle is likely to confront resistance near 0.7520-30 region, above which the pair might extend its recovery but is likely to be capped at a very strong resistance near 0.7600 handle.

On the flip side, 0.7450 remains immediate support to watch for, which if broken has the potential to drag the pair immediately towards 50-day SMA support near 0.7400 region before the pair eventually breaks down and head towards testing the very important 200-day SMA support near 0.7315-10 region.