AUD/USD sits at session tops near 0.7600 handle

Having posted a session low near 0.7570 region, the AUD/USD pair gained some fresh traction and eroded part of previous session's losses back closer to two-week lows. 

Currently placed near session tops, just below the 0.7600 handle, the pair on Friday benefitted from the release of AIG Construction Index that showed growth in construction activity in June, albeit at a slightly slower pace as compared to the previous month. 

Meanwhile, traders seem to have largely shrugged off a modest pick-up in the US Dollar demand, always backed by rising Treasury bond yields, which tend to weigh on higher-yielding currencies - like the Aussie.

Moreover, the prevalent risk-off mood, as depicted by weaker trading sentiment around equity markets and commodity space, did little to stall the pair's up-move back closer to the 0.7600 handle. 

Investors' attention on Friday will remain glued to the keenly watched NFP report, which if clears the Federal Reserve's path for monetary policy normalization should provide some additional respite for the US Dollar and collaborate towards extending the pair's near-term corrective slide from over 3-month highs touched last Friday.

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Technical levels to watch

A strong follow through buying interest beyond the 0.7600 handle has the potential to continue boosting the pair further towards its next resistance near 0.7630-35 region, above which a fresh bout of short-covering might assist the pair to dart back towards reclaiming the 0.7700 handle.

On the downside, 0.7570 area remains an immediate support to defend, which if broken could accelerate the slide towards the very important 200-day SMA support near 0.7535-30 region en-route 50-day SMA near the key 0.75 psychological mark.