AUD/USD tumbles to fresh lows, inching back closer to 0.77 handle

   •  Continues to be weighed down by weaker Aussie jobs-data.
   •  A goodish USD rebound adds to the downward pressure.
   •  Price-action to suggest further downside, back below 0.77 handle.

The AUD/USD pair extended retracement slide from one week tops and dropped to a fresh session low, around 0.7720 level in the last hour.

Against the backdrop of today's weaker Aussie jobs data-led downfall, a goodish US Dollar rebound was seen as one of the key factors behind the pair's sudden fall over the past hour or so. This coupled with a weaker tone around commodity space, especially copper, dented demand for the commodity-linked Australian Dollar and kept exerting downward pressure through the mid-European session.

Meanwhile, a fresh wave of global risk aversion trade, as depicted by a sea of red across European equity markets and reinforced by a sharp retracement in the US Treasury bond yields, further drove flows away from perceived riskier currencies - like the Aussie and collaborated to the pair's downfall.

Today's US economic docket, highlighting the release of weekly jobless claims, is unlikely to trigger any meaningful volatility. Hence, a follow-through weakness back below the 0.7700 handle, led by some fresh selling, now looks a distinct possibility.

Technical levels to watch

Immediate support is now pegged near the 0.7700 handle, below which the fall could get extended back towards 0.7680 horizontal level before the pair eventually drops to test 0.7640-35 support area.

On the upside, 0.7760-65 zone might now act as an immediate resistance, which if cleared could assist the pair to attempt a move towards testing the very important 200-day SMA hurdle near the 0.7800 handle.