AUD/USD fails to build on Friday's rebound from YTD lows

   •  Struggles to gain traction despite subdued USD demand.
   •  Had a rather muted reaction to mixed Chinese PMIs.
   •  RBA Governor Lowe's speech might influence price-action.

The AUD/USD pair came under some renewed selling pressure at the start of a new week and eroded a part of Friday's modest recovery gains.

The US Dollar witnessed some profit-taking slide on Friday, despite better-than-expected US GDP growth figures, and prompted some short-covering move, helping the pair to bounce off fresh YTD lows. 

The up-move, however, lacked any strong follow through and failed ahead of the 0.7600 handle amid holiday-thinned liquidity conditions during the Asian session on Monday. A combination of supportive factors, ranging from positive copper prices and subdued USD demand, also did little to assist the pair to build on its recovery move.

Meanwhile, the market had a rather muted reaction to the mixed Chinese PMIs, which tends to influence demand for the China-proxy Australian Dollar, with investors now looking forward to the RBA Governor Lowe's speech during the Reserve Bank's Board Dinner. 

Later during the early NA session, the US economic docket, featuring the release of personal income/spending data, Core PCE Price Index - the Fed's preferred inflation gauge, and Chicago PMI would also be looked upon for some short-term trading opportunities.

Technical levels to watch

Immediate support is pegged near mid-0.7500s, below which the pair is likely to accelerate the slide towards 0.7530 intermediate support en-route the key 0.7500 psychological mark. On the upside, 0.7580 level now seems to have emerged as an immediate resistance, which if cleared might trigger a short-covering bounce, even beyond the 0.7600 handle, towards its next hurdle near the 0.7640-50 region.