AUD/USD soars to 0.7600 handle ahead of US releases

The AUD/USD pair erased all of its RBA-led weakness and gaining over 100-pips from session low to move back above 0.7600 handle. 

Earlier on Tuesday, RBA slashed its benchmark interest rates by 25 bps to a record low of 1.50%. The move was on expected lines and was mostly priced-in the pair. 

The pair, however, rebounded sharply from level, shrugging-off weaker-than-expected building approvals and trade balance data from Australia, as US Dollar selling across the board is seen assisting a recovery in commodities and boosting demand for commodity-linked currencies - like the Aussie. 

Up next, is the release of Core PCE Price Index and personal spending data from the US, which would be looked upon for any immediate respite for the greenback. 

Technical levels to watch

From current levels, 0.7615-20 area seems to act as immediate resistance, above which the pair might continue heading higher towards its next major resistance near 0.7670-75 region.

On the flip side, weakness below 0.7580 immediate support now seems to find strong support near 0.7535-30 region, which if broken would negate any near-term bullish bias and drag the pair back towards session lows support at 100-day SMA near 0.7490-85 region.