AUD/USD weaker near 0.7580 as ASX 200 slumps -1.20%

The AUD/USD pair is making minor-recovery attempts from a sharp drop to 0.7570 levels, although remains vulnerable amid widespread risk-aversion and broad based US dollar recovery.

AUD/USD on track to book weekly loss

The higher-yielding Aussie suffers on the back of risk-off triggered by tumbling oil prices and Asian stocks, with the Australian benchmark, the ASX 200 index, losing -1.20% to  now trade around 5,690 levels. The Asian stocks track the losses in their Wall Street counterpart, while the Aussie stocks remain weighed down by heavy sell-off seen in the banking and energy stocks.

Also, the latest Australian Department of Industry Resources and Energy quarterly report, citing that iron-ore prices to fall below $50 by 2018, collaborates to the downbeat tone around the spot.

Moreover, resurgent USD demand amid a profit-taking rally in the greenback across the board, also keeps the selling pressure intact on the AUD/USD pair. Markets resort repositioning ahead of the highly-influential US NFP report due later in the NA session.

AUD/USD Levels to watch   

At 0.7582, the pair finds the immediate resistance at 0.7600 (key resistances) above which gains could be extended to the next hurdle located 0.7632 (10-DMA) and 0.7687 (Jul 4 high). On the flip side, the immediate support is located at 0.7567 (weekly low). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7539/22 (100 & 50-DMA) and below that 0.7511 (200-DMA).