AUD/USD under pressure near 0.7570, risk-off weighs

Having faced stiff resistances near 0.7630 region over the last week, the AUD/USD pair extends its bearish momentum into a third day today, now trading well below 0.76 handle.

AUD/USD hovers near 10-DMA at 0.7576

The spot is on a declining trend so far this week, mainly driven by a stronger greenback across the board and cautious tone delivered by the RBA minutes a day before. RBA minutes: Developments in the labour and housing markets warrant careful monitoring

Moreover, persistent weakness seen around oil prices also weighs down on the commodity-currency, while strengthening treasury yields, in response to the recent Fedspeaks, also dulls the demand for the Emerging Market currency as an alternative higher-yielding asset.

Over the last hours, the spot is making minor-recovery attempts from fresh five-day troughs struck at 0.7563, as the bulls derive some support from upbeat Australian Westpac Leading Index (M/M) for May, which arrived at -0.02% versus -0.08% previous.

Further, however, the recovery attempts appear limited, as tumbling Asian equities continue to spook markets, which is likely to keep the risk currency AUD under pressure. The major now looks forward to the US existing home sales data and US crude stockpiles data for fresh incentives.

AUD/USD Levels to watch   

At 0.7572, the immediate support is located at 0.7550 (psychological levels). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7537/26/12 (100, 20 & 200-DMA) and below that 0.7497 (Jun 7 low). On the flip side, the pair finds the immediate resistance at 0.7600 (zero figure/ 5-DMA) above which gains could be extended to the next hurdle located 0.7630-40 (key resistances) and 0.7680 (Mar 30 high).