AUD/USD pares softer Aussie GDP-led losses, back around 0.78 handle

   •  Renewed USD weakness helps partly offset weaker Aussie GDP.
   •  Bearish commodity prices fail to lend any additional support.
   •  Traders now eye US ADP report for some fresh impetus.

The AUD/USD pair managed to recover some of its disappointing Aussie GDP-led losses, albeit struggled to gain any follow-through traction beyond the 0.7800 handle. 

After yesterday's sharp rally, the pair came under some intense selling pressure on Wednesday and was being weighed down by weaker than expected Australian growth figures for the fourth quarter of 2017. 

However, some renewed US Dollar bearish pressure, led by reviving fears of a global trade war following Gary Cohn's resignation, limited further losses and helped the pair to bounce off lows. 

Meanwhile, the bearish trading sentiment around commodity space, especially copper, failed to provide any additional boost to the commodity-linked Australian Dollar, which coupled with the prevalent risk-off mood contributed towards keeping a lid on any additional gains. 

The pair now seems to have entered a consolidation phase as traders look forward to the US private sector employment details - ADP report, for some fresh impetus. 

Technical levels to watch

Immediate resistance is now pegged near the 0.7820 region, above which a fresh bout of short-covering could lift the pair further towards 0.7855-60 supply zone en-route the 0.7900 handle. On the flip side, the 0.7780-75 region might continue to lend immediate support, which if broken might accelerate the fall back towards 0.7725-20 support area ahead of the 0.7700 round figure mark.