AUD/USD recovers majority of early losses

The AUD/USD pair bounced-off session low and has now erased majority of its daily gains to currently trade with only marginal losses, around 0.7675-80 band.

Earlier on Wednesday, a slightly weaker-than-expected quarterly growth figure from Australia led to an initial leg of slide and stalled the pair's five consecutive days of winning streak. 

The corrective slide, however, turned out to be short-lived and a subsequent move back in positive territory might assist the pair to build on to its rally of nearly 200-pips from sub-0.7500 handle touched last week. 

The pair continues to be driven on investor expectations of an eventual Fed rate-hike action and hence, today's key focus would be on FOMC member Esther George's testimony, which might provide some clues over the Fed's monetary policy outlook.

Technical levels to watch

Move above 0.7688 (yesterday's high) might lift the pair beyond 0.7700 handle towards testing its next resistance at 0.7723 (August 18 high). On the downside, 0.7651 (session low) should protect immediate downside below which the pair could head back towards testing 0.7615-10 resistance turned support area.