AUD/USD drops to lows near 0.7670 ahead of US data

The Aussie dollar remains on the defensive on Friday, now pushing AUD/USD to test the area of daily lows in the 0.7680/70 band.

AUD/USD down from 0.7750

After reaching fresh 4-month tops around 0.7750 earlier in the week, sellers seem to have stepped in and are currently driving spot to the area of 0.7680/70, or daily lows amidst a mild bias favouring the greenback.

Ahead in the session, the recent upside will be put to the test in light of the releases of US Retail Sales and the Reuters/Michigan index. Consesus expects headline sales to have expanded at a monthly pace of 0.4%.

AUD/USD levels to watch

At the moment the pair is retreating 0.31% at 0.7675 facing the next down barrier at 0.7574 (20-day sma) followed by 0.7492 (low Jul.6) and then 0.7417 (low Jul.27). On the other hand, a break above 0.7757 (high Aug.10) would aim for 0.7836 (2016 high Apr.21) and finally 0.7851 (high Jun.21 2015).