AUD/USD recovers gains momentum, jumps to session high at 0.7535

Recovery momentum in the AUD/USD pair has gained further traction, lifting the pair back above 0.7500 to currently trade near session peak level around 0.7530-35 band.

Earlier on Thursday, the pair dropped to 0.7467, weighed down by the rating agency S&P's downgrade of Australia's credit outlook to negative from stable. The downgrade, however, failed to disturb the pair's near-term bullish momentum above 100-day SMA and the pair erased all of its early losses to move into positive territory.

Next in focus would be today's economic releases from the US, which includes ADP private sector employment data and weekly jobless claims ahead of Friday's official monthly jobs report that could have a significant impact on the pair's near-term momentum. 

Technical levels to watch

Momentum above 0.7540-45 (weekly high) immediate resistance now seems to open room for a retest of 0.7600 handle, also coinciding with June closing highs. On the flip side, 100-day SMA near 0.7450-45 region might continue to act as immediate support, below which the pair seems to extend its corrective move and drop below 0.7400 round figure mark to test its next support near 0.7385-80 region.