The AUD/USD pair ran through fresh offers and is now extending its weakness further below 0.7600 handle following mixed Australian economic releases.
Currently trading at a fresh two-week low around 0.7575 region, the pair came under renewed selling pressure after quarterly Australian PPI print showed a rise of 0.3% q-o-q but on yearly eased to 0.5% as compared to 1.0% recorded in the previous quarter. Meanwhile, new home sales growth also slowed to 2.7% in September as against a growth of 6.1% registered in August.
The data failed to provide any respite for the pair and the pair maintained its offered tone as the greenback, as measured by the overall US Dollar Index, extended Fed rate-hike driven uptrend.
Later during NA session, the advance release of US Q3 GDP print would help investors re-evaluate possibilities of an eventual Fed rate-hike action and would determine the near-term trajectory of the pair.
Technical levels to watch
A follow through selling pressure below 100-day SMA support near 0.7565 region is likely to accelerate the slide towards 0.7530-25 support below which the pair seems to break through 0.7500 psychological mark and aim towards testing the very important 200-day SMA support near 0.7480-75 region.
On the upside, 0.7600-0.7610 area now becomes immediate resistance, which if cleared might trigger an immediate short-covering rally towards 0.7640-45 strong horizontal resistance.
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