AUD/USD fails once again near 3-week tops of 0.7520

After a sharp pullback witnessed in the US last session, the AUD/USD pair went on to test three-week tops reached at 0.7520 earlier this week, although failed to surpass the last to now trade just ahead of 0.75 handle.

AUD/USD eyes a break below 0.7500?

The Aussie peeked into the green zone earlier on the day, but failed to keep the bid tone and turned negative, as we head into early Europe, largely on the back of renewed weakness in copper prices.

The spot receded from multi-week tops as the Asian stocks stalled its upbeat momentum, while increased nervousness ahead of the OPEC meeting on oil output cut deal extension also keeps the commodity-currency on the back foot.

However, the losses could remain limited, as the greenback is likely to remain broadly weak, in the wake of the FOMC minutes, which signaled gradual tightening.

The major now awaits the OPEC decision and US datasets for fresh direction, while Fedspeaks will also have some bearing on the prices.

AUD/USD Levels to watch   

At 0.7503, the immediate support is located at 0.7488 (daily low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7458 (10-DMA) and below that 0.7425 (20-DMA). On the flip side, the pair finds the immediate resistance at 0.7520/23 (3-week tops/ 200-DMA) above which gains could be extended to the next hurdle located 0.7550 (psychological levels) and 0.7570 (100-DMA).