AUD/USD refreshes session lows, despite weaker US data

   “¢   US durable goods orders fall short of consensus estimates.
   “¢   Disappointing US data largely offset by surging US bond yields.

The AUD/USD pair continued losing ground through the early North-American session and is currently placed at session lows, around the 0.7120-15 region.  

The ongoing US Dollar rebound from over two-week lows was largely unaffected by today’s disappointing durable goods orders data, coming in to show m/m growth of 1% in July as against 3% anticipated. Meanwhile, core orders (excluding transportation items) also fell short of market expectations and rose 0.4% m/m.

Adding to the disappointment, US goods trade balance and usual initial weekly jobless claims climbed more than expected,  albeit seemed largely negated by surging US Treasury bond yields.  

Meanwhile, a subdued price action around copper prices failed to revive demand for the commodity-linked Australian Dollar and did little to lend any support/ease the bearish pressure surrounding the major.

The pair has now erased all of the previous session’s goodish up-move to two-week tops and a follow-through weakness, led by some fresh technical selling below the 0.7400 handle, now looks a distinct possibility.

Technical levels to watch

The 0.7405-0.7400 region is likely to protect the immediate downside, which if broken is likely to accelerate the fall towards 0.7340 horizontal support en-route YTD lows, around the 0.7410 area.  

On the upside, 0.7450-55 zone now seems to act as an immediate hurdle, above which the pair is likely to aim towards reclaiming the key 0.7500 psychological mark.