AUD/USD hits fresh session tops, nearing mid-0.7500s ahead of US ISM

   •  Aussie continues to be supported by today’s upbeat domestic data.
   •  Post-FOMC USD weakness/bullish commodities provide an additional boost. 
   •  Traders eye US ISM PMI for some impetus ahead of Friday’s RBA statement and NFP.

The greenback maintained its offered tone through the mid-European session and pushed the AUD/USD pair to fresh session tops in the last hour.

The pair got an initial boost from today's robust Aussie trade balance data, coming in to show a surplus of A$1.53 billion for March as against previous month's upwardly revised A$1.35 billion, and stronger-than-expected rebound in building approvals data.

The Australian Dollar was further supported by the prevailing bullish sentiment around commodity space, which coupled with the post-FOMC US Dollar retracement slide collaborated to the pair's strong up-move to the 0.7535-40 region. 

Traders now look forward to the release of US ISM non-manufacturing PMI for some short-term impetus ahead of the RBA monetary policy statement, due early Asian session on Friday, and the keenly watched US NFP report.

Technical levels to watch

Immediate resistance is pegged near mid-0.7500s, above which the pair is likely to head towards challenging the 0.7575-80 supply zone en-route the 0.7600 handle. On the flip side, weakness back below 0.7515 level, leading to a subsequent break through the key 0.7500 psychological mark, might now negate prospects for any further recovery and turn the pair vulnerable to extend its near-term bearish trajectory.