AUD/USD: Sellers in control, testing Wednesday’s low

The AUD/USD pair accelerated to the downside in late-Asia, with the bears dominating amid a broadly higher greenback and weaker commodities’ prices, as risk sentiment deteriorates somewhat.

AUD/USD ignores upbeat trade data

Currently, the AUD/USD pair trades -0.30% lower at fresh session lows struck of 0.7598. The Aussie reversed a temporary rebound seen yesterday and resumed the downslide as the Asian equities came under fresh selling pressure amid renewed weakness in oil prices and hence, dampened investors’ sentiment towards higher-yielding assets.

Moreover, the AUD/USD pair also suffers on the back of strengthening greenback against its major peers, as Fed rate hike bets got refueled following stronger US services sector data released Wednesday.

Calendar-wise, the Aussie paid little attention to above estimates Australian trade balance data, as focus is likely to remain on the US fundamentals ahead of Friday’s payrolls data.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7693 (Oct 4 high) above which gains could be extended to the next hurdle located at 0.7713 (3-week high) and 0.7736 (Sept 8 high). On the flip side, the immediate support located at 0.7593 (previous low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7558 (100-DMA) and below that at 0.7485 (200-DMA).