AUD/USD retreats from the post-Fed swing high to 15-month tops.
A modest USD rebound was seen as a key factor exerting pressure.
Investors now eye advance US Q2 GDP report for a fresh impetus.

The AUD/USD pair added to its intraday losses and refreshed daily lows, around the 0.7140-35 region during the early European session.

The pair failed to capitalize on this week's positive move and witnessed a turnaround from the 0.7200 neighbourhood, or 15-month tops set on Wednesday in reaction to a more dovish FOMC statement. As was widely expected, the Fed decided to leave its benchmark rate unchanged at 0-0.25% and pledged to keep rates near zero until it is confident that the economy has weathered the recent events.

As investors looked past the key event, the US dollar staged a goodish intraday rebound from more than two-year lows and prompted some fresh selling around the AUD/USD pair. Adding to this, a weaker tone surrounding the US equity futures underpinned the greenback's relative safe-haven status and further collaborated towards driving flows away from the perceived riskier Australian dollar.

The aussie was also pressured by Thursday's weaker-than-expected domestic data, which showed that Building Approvals fell to an eight-year low in June. In fact, approvals for the construction of new homes were down 4.9% during the reported month. The reading was better than the 15.8% slump recorded in the previous month but was worse than the 2% decrease anticipated by the market.

Meanwhile, the impasse over the next round of the US fiscal stimulus measures might cap the attempted USD recovery. It is worth reporting that the US congressional Republicans and Democrats have been struggling to reach a deal ahead of some earlier measures that expire this week. This, in turn, should hold the USD bulls from placing aggressive bets and help limit losses for the AUD/USD pair.

Hence, it will be prudent to wait for some strong follow-through selling before confirming that the pair might have already topped out near the 0.7200 mark and positioning for any meaningful corrective slide.

Market participants now look forward to the US economic docket, highlighting the Advance Q2 GDP report. The world's largest economy is anticipated to have collapsed by a record 34.1% during the second quarter of 2020. The data will play a key role in influencing the USD price dynamics and produce some meaningful trading opportunities later during the early North American session.

Technical levels to watch

AUD/USD

OVERVIEW
Today last price	0.7145
Today Daily Change	-0.0042
Today Daily Change %	-0.58
Today daily open	0.7187

TRENDS
Daily SMA20	0.7028
Daily SMA50	0.691
Daily SMA100	0.6592
Daily SMA200	0.6695

LEVELS
Previous Daily High	0.7197
Previous Daily Low	0.7148
Previous Weekly High	0.7184
Previous Weekly Low	0.6972
Previous Monthly High	0.7065
Previous Monthly Low	0.6648
Daily Fibonacci 38.2%	0.7178
Daily Fibonacci 61.8%	0.7167
Daily Pivot Point S1	0.7158
Daily Pivot Point S2	0.7129
Daily Pivot Point S3	0.7109
Daily Pivot Point R1	0.7207
Daily Pivot Point R2	0.7226
Daily Pivot Point R3	0.7256

Reprinted from FXStreet.com，the copyright all reserved by the original author.

https://www.fxstreet.com/news/aud-usd-slides-further-below-mid-07100s-fresh-session-low-202007300712

AUD/USD slides further below mid-0.7100s, fresh session low