AUD/USD faces rejection at 0.7550, focus shifts to RBA

The rebound staged by the AUD/USD pair lost steam at 0.7550, as the rate faced headwinds from poor Aus datasets and weaker copper prices.

AUD/USD retreats as commodities tumble

Currently, the AUD/USD pair trades +0.21% higher at 0.7519, retreating from session tops printed at 0.7550. The Aussie ran into 0.7550 resistance earlier on the day, and now eases slightly as sentiment around the AUD remains undermined amid disappointing PPI and private sector credit data from Australia.

Moreover, a sharp reversal in the copper prices along with lower oil prices also capped the upside in the resourced-linked Aussie pair. Markets now await the USD GDP report due later in the NA session for fresh impetus on the major. While RBA policy decision is likely to take centre-stage next week.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7550 (daily high/ psychological levels) above which gains could be extended to the next hurdle located at 0.7600 (round figure). On the flip side, the immediate support located at 0.7500/0.7491 (10 & 5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7469/68 (100 & 50-DMA).