AUD/USD stuck in a range above 0.78 handle

   •  Dismal US trade data offsets upbeat ADP report. 
   •  Bearish commodities now seemed to cap gains.

The AUD/USD pair quickly reversed ADP report-led drop to the 0.7800 handle and jumped back to the top end of its European session consolidative range, albeit lacked any follow-through momentum. 

The pair held on to its weaker tone through the early NA session and met with some fresh supply following the release of better-than-expected ADP report on the US private sector employment. The positive labor market report, however, was largely negated by a larger-than-expected jump in the US trade deficit and did little to provide any boost to the US Dollar. 

Meanwhile, the prevalent negative trading sentiment around commodity space, especially copper, was seen denting demand for the commodity-linked Australian Dollar and kept a lid on any additional up-move. 

Against the backdrop of today's softer Aussie GDP growth figures, a combination of diverging forces failed to provide any meaningful impetus and has led to a range-bound/subdued price action through the early NA session. 

Technical levels to watch

Bulls would be eyeing for a clear breakthrough 0.7820-30 supply zone, above which the pair seems all set to surpass 0.7855-60 intermediate resistance and head towards reclaiming the 0.7900 handle.

On the flip side, the 0.7800 handle now seems to have emerged as an immediate support, which if broken might drag the pair back towards 0.7755 support en-route the 0.7715-10 region (multi-month lows).