AUD/USD slumps to fresh 3-week lows ahead of China trade

The bearish pressure behind the AUD gathered steam over the last hour, knocking-off the AUD/USD pair to fresh multi-week lows closer towards 0.75 handle.

AUD/USD awaits China trade data

Currently, the AUD/USD pair trades -0.40% lower at 0.7531, hovering near fresh three-week lows of 0.7524, struck some minutes ago. Having faced rejection once gain near 0.76 handle in the last US session, the Aussie extends its retreat into Asia and now runs through fresh offers after a fresh bout of risk-aversion gripped markets, following yet another day of Yuan devaluation by the PBOC.

Moreover, weaker oil prices and a broadly stronger US dollar also continue to weigh on the major. While markets digest the latest Fitch report on the Australian economy heading into the Chinese trade data release due for release later this session.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7591 (50-DMA) above which gains could be extended to the next hurdle located 0.7618 (20-DMA) and 0.7693 (Oct 4 high). On the flip side, the immediate support located at 0.7499 (200-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7465 (daily S3) and below that at 0.7450 (psychological levels).