AUD/USD consolidates below 0.76 handle on stronger greenback

AUD/USD is currently consolidating below the 0.76 handle, up from lows of 0.7568 and with high of 0.7617.

AUD/USD is lower on a stronger marginally US dollar after a stable ADP report and ISM services sector. However, markets do not want to get to heavily positioned ahead of the BoE tomorrow and the Nonfarm payrolls at the end of the week. This is also against a backdrop of the RBA who recently cut interest rates to potentially support a weaker Aussie while inflation was a little below their inflation target of between 1-3%. 

AUD/USD levels

The 55 day ma at 0.7432 is a key support on a sell-off while to the upside, 0.7675 recent highs along with the 78.6% retracement at 0.7688 is a key target area. The 200 day ma at 0.7333 is next major support level ahead of the 2016 support line at 0.7312. 

Additional levels in AUD/USD and hammer formation on the 4-hour 

Spot is presently trading at 0.7581, and next resistance can be seen at 0.7590 (Hourly 20 EMA), 0.7609 (Weekly High), 0.7611 (Daily Open), 0.7617 (Daily High) and 0.7632 (Monthly High). Next support to the downside can be found at 0.7579 (Daily Classic PP), 0.7568 (Daily Low), 0.7564 (Hourly 100 SMA), 0.7545 (Weekly Classic PP) and 0.7527 (Hourly 200 SMA).  Regarding candlestick formations, we can see Dark Cloud Cover and Hammer formation on the 4-hour .