AUD/USD struggling to clear 0.7630-35 important barrier

The AUD/USD pair continued gaining traction for the third consecutive session and touched a four-day high level near the 0.7625 region during early European session.

Today's upbeat release of Australia's NAB business survey for the month of June, ticking higher to 9 vs 8 in May, accompanied by a rise in business conditions, now standing at a multi-year high level of 15 vs 11 in May was seen benefiting the domestic currency and driving the pair higher.

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Despite the up-move, the pair remained below 0.7630-3 strong supply zone amid a modest pick-up in the US Treasury bond yields, which was seen lending some support to the US Dollar and capping further up-move for higher-yielding currencies - like the Aussie.

It would now be interesting to see if the pair is able to build on the up-move and breaks past the mentioned hurdle as investors look forward to the Fed Chair Janet Yellen's testimony on Wednesday and Friday's important US macro data for some fresh impetus.

Technical levels to watch

A strong follow through buying interest beyond 0.7630-35 resistance has the potential to lift the pair back towards reclaiming the 0.7700 handle with some intermediate resistance near 0.7680 region. On the downside, the 0.7600 handle now becomes an immediate support to defend, which if broken is likely to accelerate the slide back towards 0.7570 strong horizontal support en-route the very important 200-day SMA support near 0.7535-30 region.