AUD/USD sticks to modest recovery gains above mid-0.7600s

   •  Ignores broad based USD strength. 
   •  Surging copper prices lending support. 
   •  Rising US bond yields might cap strong up-move.
   •  Important US data (ADP report and ISM PMI) and FOMC in focus. 

After yesterday's sharp rejection slide, the AUD/USD pair gained some positive traction and held with minor gains, above mid-0.7600s.

Currently placed around 0.7665-70 band, the pair ticked higher through the Asian session on Wednesday, despite of a follow through US Dollar traction, and was being supported by a sharp surge in copper prices. 

Meanwhile, today's release of Caixin Chinese manufacturing PMI, coming in unchanged at 51.0 for October, did little to deteriorate the already weaker sentiment around the China-proxy Australian Dollar and remained supportive of the pair's modest up-move.  

However, a goodish pickup in the US Treasury bond yields, amid Fed Chair speculations, might now contribute towards keeping a lid on any strong up-move, at least for the time being.

Moving ahead, today's US macro data - ADP report on private sector employment and ISM manufacturing PMI, would now be looked upon for some trading impetus ahead of the key FOMC decision. 

Technical levels to watch

Any follow through up-move above 0.7675 level might continue to confront strong supply near the 0.7695-0.7700 region, also coinciding with the very important 200-day SMA, which if conquered might trigger a short-covering bounce towards the 0.7750-55 region.

On the flip side, bears would be eyeing for a sustained break through mid-0.7600s, below which the pair is likely to accelerate the fall towards the 0.7625 intermediate support ahead of the 0.7600 handle and its next major support near the 0.7575-70 region.