AUD/USD recovers US data-led losses, trades near 3-month highs

After rising to its highest level since late March at 0.7680, the AUD/USD eased toward the mid-0.76s in the early NA session on the back of the better-than-expected preliminary GDP growth data from the U.S. However, it didn't take long for the pair to start recovering these recent losses and as of writing, the pair is trading at 0.7672, gaining 0.42% on the day.

The greenback continues to be the main driver of the pair's price action on Thursday. After the third estimate of real GDP growth in the U.S. came in at 1.4%, beating the market consensus of 1.2%, the US Dollar Index spiked to 95.73 and dragged the AUD/USD pair lower. Nevertheless, the index is back under pressure again and is now approaching the 9-month low that was set earlier at 95.43. As of writing, the DXY is at 95.47, losing 0.32% on the day.

• US Dollar recovery stalled near 95.70

On the other hand, led by the strong gains seen in crude oil, commodities continue to perform well on Thursday, helping the commodity-linked aussie remain resilient against its rivals. Later in the session, St. Louis Fed J.Bullard will be giving his statements and the greenback will look for an opportunity to start recovering some of its losses ahead of tomorrow's personal income and spending data from the U.S.

Technical outlook

Although that knee-jerk fall helped the RSI on the hourly graph correct its overbought readings, the indicator remains above the 70 mark on the 4-hour and daily graphs, suggesting a deeper correction could be on its way. Additionally, the resistance line of the rising trend channel on the daily graph coming from May 10 at 0.77 could be a tough hurdle to overcome. Above that level, 0.7750 (Mar. 21 high) and 0.7800 (psychological level) could be seen as next resistances. On the downside, supports align at 0.7635 (daily low), 0.7575 (20-DMA) and 0.7530 (100-DMA).