AUD/USD pare gains, back below 0.7500 handle at 100-DMA

The AUD/USD pair pared some of its tepid recovery gains above 0.7500 handle and has now dropped back below 100-day SMA to currently trade around 0.748-90 band.

The pair seems to lose traction after risk-off seems to have gripped the market after ECB decided to leave its monetary policy unchanged. Moreover, prospects of further monetary easing by RBA continue to weigh on the Aussie and thus, restricting any swift recovery.

Investors now turn their attention to the ECB President Mario Draghi's presser, which could further infuse volatility across FX market. From the US, economic data slated for release includes - Philly Fed manufacturing index, weekly jobless claims and existing home sales data. 

Technical levels to watch

For the time being, the pair seems to have found a temporary support near 0.7450 region, which now become immediate level to watch for. On a sustained break below 0.7450 support, the pair seems to continue with its near-term downward trajectory, initially towards 50-day SMA support near 0.7400 handle and eventually towards the very important 200-day SMA support near 0.7320-15 region. 

Meanwhile on the upside, 0.7515 level now seems to have emerged as immediate resistance, which if cleared seems to lift the pair back towards 0.7565 resistance area. A follow through buying interest above 0.7565 level would now negate near-term bearish bias and assist the pair back towards 0.7610-15 strong resistance area.