AUD/USD falls below 0.7600

AUD/US continued to decline and broke below 0.7600 during the American session . The pair weakened amid a rally of the US dollar across the board. Greenback is the best performer in the currency market. 

Two days ago AUD/USD jumped above 0.7700 after the release of Australian inflation data and now it reached the lowest level in almost two weeks under 0.7600. Post-CPI gains were erased yesterday and today the slide continued. 

Recently it bottomed at 0.7580, the lowest since October 17 and it was trading at 0.7590/95, still moving with a bearish bias. 

Testing key support 

So far today the AUD/USD pair has been able to hold above the 0.7580/90 area that since mid-October limited the decline. A consolidation or a daily close below that range could clear the way to more losses. The next support levels could be seen at 0.7555 (Oct 14 low) and 0.7505 (Oct low). 

If price manages to hold on top of 0.7600 it could recover strength for a rebound that could face an initial resistance around 0.7635 (European session high); above the next level to watch could be 0.7650 (Oct 27 high) and 0.7690 (Oct 18 high).