• Data released earlier today showed that headline Australian private capex figures came in much weaker than expectations.
   
• Q1 Australian capex (private capital expenditure) reading shows a capex of -5.2% q/q vs -3.5% expected and compared to a revised +1.8% last quarter.
   
• Weak data led to a 15-pips knee-jerk downward slump in the major, lows of 0.7161 were hit.
   
• The pair has since recovered almost entire slide and is back above the 0.72 handle, currently trading around 0.7207.
   
• AUD/USD's recovery was capped at 61.8% Fib retrace level at 0.7212, further upside can be seen only on decisive breaks above.
   
• Above 0.7212 (61.8% Fib resistance) the pair finds next major hurdle at 0.7242 levels. 
   
• Weakly charts are biased lower, we see scope for test of 0.7042 (78.6% Fib), bearish invalidation only above 0.73 levels.
   
• RBA Governor Stevens’ dovish comments earlier this week and rising expectations that the Fed could hike at any of the next few meetings keep upside limited.
   
• US durable goods orders, due later in the NA session and RBA member Debelle’s speech and Fedspeaks will be closely watched.