AUD/USD hammered down to 0.7600 handle

Following Thursday's sharp reversal from multi-week highs, the AUD/USD pair remained well offered and has now dropped to 0.7600 handle. 

The greenback, as measured by the US Dollar Index, continues to witness a bullish retracement across the board and is contributing to the selling pressure around the major, which was already trading weak on the back of softer Chinese inflation data released earlier on Friday. 

Meanwhile, the pair has now moved back within striking distance of 50-day SMA support, nearly erasing all of its strong gains recorded on Tuesday on the back of disappointing US ISM non-manufacturing PMI and trimming majority of its weekly advance. 

Investors now look forward to the FOMC Member Eric Rosengren's speech for fresh clues over the Federal Reserve's monetary policy outlook and for fresh impetus for the pair's next leg of move on Friday.

Technical levels to watch

From current levels, 50-day SMA near 0.9585 region remains immediate support to defend, which if broken might turn the pair vulnerable to slide further towards weekly low support near 0.9560 area. On the flip side, 0.7615 level now becomes immediate resistance above which the pair could make an attempt to move back towards session high resistance near 0.7650 region.