- AUD/USD struggles to capitalize on slight intraday gains.
- USD strength is capping the upside.
- Bearish bias near term.
AUD/USD held on to its mild intraday gains in the early US session but lacked follow-through.
US dollar strength amid an uptick in the US Treasury bond yields and upbeat ADP data was a key factor limiting gains for AUD/USD..
The inability of the pair to gain any meaningful traction points to the recent corrective slide from multi-year tops having further to go.
The bearish outlook supported by technical indicators on the daily chart turning negative.. Any move higher could be seen as a selling opportunity.
A sustained move below the overnight lows and short-term descending trend-line support, at 0.7565-60 , will reaffirm the bearish bias. The AUD/USD could slide lower towards the key 0.7500 psychological mark.