AUD/USD: bears testing the 0.75 handle, eyeing 0.7459

AUD/USD has making fresh lows, taken down by a stronger dollar in the US session after a small wobble on Fischer and a phase of consolidation overnight.

AUD/USD has dropped from 0.7550 down to 0.7499 so far. Oil is also lower along with gold. Oil has dropped over a dollar to fresh lows while gold has started to print $1,312 and to medium term support during July and August. Meanwhile, the US dollar has built up a status of strength post the Jackson Hole and Yellen's speech and Fischer comments that altogether have been taken as hawkish by a market hanging onto every comment that comes from a Fed official in respect to the timings of the next rate hike from the Fed.  We are awaiting Chinese data later this week and the nonfarm payrolls at the end of the week.

Fed: You can't handle the truth!

AUD/USD levels

With spot trading at 0.7508, we can see next resistance ahead at 0.7511 (Weekly Classic S1), 0.7525 (Yesterday's Low), 0.7535 (Daily Classic S1), 0.7538 (Monthly Low) and 0.7541 (Hourly 20 EMA). Support below can be found at 0.7501 (Daily 100 SMA), 0.7501 (Daily Classic S2), 0.7500 (Daily Low), 0.7476 (Daily Classic S3) and 0.7459 (Weekly Classic S2).  Looking to candlestick patterns, we can see a Engulfing Bearish formation on the 4-hour chart.