AUD/USD turns lower, drops to fresh session low after US data

The AUD/USD pair once again faded its attempt to reclaim 0.7700 handle and has now turned into negative territory following the release of US durable goods orders data.

Currently trading at a fresh session low around 0.7660 region, the pair turned lower traders seemed inclined towards taking some profits off the table after not a very big disappointment US economic data and as the pair, for the second straight session, failed to conquer 0.7700 handle. 

According to the data released by Commerce Department on Wednesday, orders for long-lasting goods remained flat in August, while core durable goods orders, which excludes transportation items, contracted by 0.4%. The data was mostly in-line with market expectations and provided very little impetus to the greenback.

Next in focus would be the Fed Chair Janet Yellen's testimony before the Committee on Financial Services and a slew of speeches from influential FOMC members, including one of the three dissenters from last week's FOMC meeting, Cleveland Fed's Loretta Mester.

Technical levels to watch

Immediate support on the downside is pegged at 0.7640 below which the pair is likely to accelerate the slide towards 0.7610-0.7600 support area. On the upside, 0.7685 region, followed by 0.7700 handle, now becomes immediate strong resistance, which if conquered should assist the pair to continue scaling higher in the near-term.