AUD/USD refreshes daily low below 0.75

The AUD remains as one of the weakest currencies against the USD on Wednesday, dragging the AUD/USD to a fresh daily low at 0.7490. At the moment, the pair is trading at 0.7498, down 0.8% on the day.

Although the bullish momentum of the greenback seems to have faded away in the second half of the NA session, the US Dollar Index remains near session highs around 99.70 region and making it difficult for the AUD/USD to recover back above 0.75 level.

The recent comments from U.S. House of Representatives Speaker Paul Ryan are helping the DXY hold on to its daily gains. Speaking during a visit in London, Ryan said that they would like to complete the tax reform by the end of summer. Moreover, Fed's Beige Book highlighted that the labor market was in a good condition while the wages increased modestly.

•  U.S. House Speaker Ryan: U.S. is ready to forge a new bilateral trade deal with UK as soon as possible

There are no data due for release from Australia before Thursday's National Australia Bank Business Confidence. However, the next fundamental catalyst for the pair could be the Consumer Price Index from New Zealand to be released in the Asian session as the AUD is highly correlated with the NZD.

Technical levels to watch

The pair could face the immediate hurdle at 0.7500 (psychological level) ahead of 0.7550 (100-DMA) and 0.7610 (Apr. 17 high). On the downside, supports could be found at 0.7470 (Apr. 12 low), 0.7400 (psychological level) and 0.7350 (Jan. 6 high).