AUD/USD struggling to hold onto 0.7750 as data misses and risk sentiment retreats
- Aussie is walking back as market sentiment is souring slightly heading into the European market.
- Macro data that struggles to meet expectations is dragging on the Aussie over time.
The AUD/USD is drifting lower ahead of the European session, dipping lower but still hanging onto the 0.7750 level, but bearish pressure is mounting.
The Syrian crisis is beginning to drag the US and Russia into a collision course within the UN, and traders are getting nervous as US President Donald Trump prepares to begin launching air strikes against Bashir al-Assad's forces in retaliation for a chemical weapons attack over the weekend that killed fifty people and potentially injured a thousand more.
Housing finance approvals hold steady - Westpac
The Aussie session continues to be plagued by middling data for the Australian economy as growth begins to seem more and more elusive, and the Aussie is looking down the barrel of a year-long decline as interest rate differentials begin to widen.
AUD/USD Levels to watch
Wednesday's lows are beginning to form short-term consolidation boundaries on price action, and as FXStreet's own Flavio Tosti noted earlier, "the AUD/USD has rebounded from its 200-period simple moving average and is currently trading in the 0.7740-0.7773 range. Support lies at 0.7728, previous swing and at 0.7691 demand level. Resistance is seen at 0.7770 which is the high made on Tuesday and further up at 0.7845 swing low on March 13."