AUD/USD refreshes weekly lows, weakens further below 0.7300 handle post-US GDP

   •  US Q2 GDP growth figures revised higher to show annualized growth of 4.2% in Q2 2018.
   •  The already stronger USD gets an additional boost and adds to the prevailing selling bias. 

The AUD/USD pair maintained its heavily offered tone through the early North-American session and dropped to fresh weekly lows post-US GDP growth figures.

According to the second estimate, the US economic growth for the second quarter of 2018 stood at 4.2% annualized pace. The reading was slightly better than the original estimate of 4.1% and also bettered the consensus forecast, pointing to a slight downgrade to 4.0%. 

The already stronger US Dollar got an additional lift following the upbeat release and pushed the pair further below the 0.7300 handle, with a weaker tone around copper prices further denting sentiment around the already weaker commodity-linked Australian Dollar. 

With today's important US data out of the way, a follow-through weakness, led by some fresh technical selling, now looks a distinct possibility ahead of Australian macro releases during the Asian session on Thursday.

Technical levels to watch

Immediate support is pegged near 0.7275 level, below which the pair is likely to accelerate the slide towards 0.7240-35 horizontal support en-route the 0.7200 handle. On the flip side, any recovery attempt is likely to confront immediate resistance near the 0.7315 region, above which the pair is likely to aim back towards challenging the 0.7345-50 supply zone.