AUD/USD retests 100-DMA on the upside post-NAB

A renewed bid-wave caught the AUD/USD pair last hour, sending the major back towards the opening price following the release of mixed Aus NAB quarterly survey.

AUD/USD finds support ahead of 0.7450

Currently, the AUD/USD pair trades modestly flat at 0.7473, recovering sharply from a dip to 0.7450 region. The Aussie clawed back losses and now attempts gains amid risk-off market profile. Although the upside seems capped as the bulls remains unimpressed by mixed NAB survey.

NAB's June quarter business survey showed that the business confidence numbers came in at 2 vs 4 previous, while business conditions stood at 11 vs 10.

Further, the Aussie also fails to benefit from the rally in the copper prices as the speculations surrounding a RBA rate cut as early as next month continue to weigh on the AUD.

Markets now look forward to the ECB decision and a slew of US economic releases due later today, for fresh incentives on the USD, eventually impacting the pair.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7527 (5-DMA) above which gains could be extended to the next hurdle located at 0.7550 (psychological levels). On the flip side, the immediate support located at 0.7429 (50-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7335 (200-DMA).