AUD/USD hits fresh session lows below 0.7050 amid losses in the S&P 500 futures

• Aussie dollar is extending losses amid signs of risk aversion in equities. 
• The S&P 500 futures are down 0.28 percent, while the Chinese stocks are reporting a bigger drop. 

The AUD fell into the red in early Asia after a major lender reported a big drop in the consumer confidence indicator. 

AUD/USD is currently trading at 0.7053, having hit a session low of 0.7049 soon before press time. 

The Australian currency ran into offers near 0.7080 earlier today after Westpac reported a big drop in its consumer confidence indicator, strengthening the case for a near-term RBA rate cut. 

The resulting drop to 0.7054, however, found bids and the pair recovered to 0.7070 only to fall back to fresh session lows below 0.7050. 

The risk-off tone in the equities seems to have accentuated selling pressure around the Aussie dollar in the last 60 minutes or so. As of writing, the futures on the S&P 500 are reporting a 0.28 percent drop. Also, major Asian indices like Nikkei, Kospi, and the Shanghai Composite Index are flashing red. 

Looking forward, the Aussie dollar may continue to lose altitude if the equities extend losses. 

Technical Levels