AUD/USD extends slide below 0.7500 ahead of US data

• AUD remains under constant bearish pressure since the start of the week.
• US Dollar Index holds in the positive territory above 92.00.
• Eyes on US ADP Employment Change and Pending Home Sales data.

After closing the first two days of the week in the negative territory, the AUD/USD pair extended its slide on Wednesday and touched its lowest level in more than a week at 0.7497. As of writing, the pair was down 0.15% on the day at 0.7500.

Earlier in the day, the data from Australia showed that the Private Sector Credit grew by 0.4% on a monthly basis in May. Although this reading came in better than the market expectation for an expansion of 0.1%, it failed to trigger a noticeable market reaction.

Eyes on US data

On the other hand, the broad-based USD strength remains unabated on Wednesday and the US Dollar Index was last seen posting small daily gains at 92.14.

Later in the session, the Automatic Data Processing (ADP) Research Institute will publish its weekly private-sector employment data for June. Pending Home Sales will be featured in the US economic docket as well. 

In the meantime, Wall Street's main indexes remain on track to open the day in the negative territory with the US stocks futures posting losses. 

Previewing AUD/USD's near-term outlook, "downward momentum has improved and AUD is expected to trade with a downward bias towards 0.7480," said UOB Group analysts. "Looking ahead, AUD has to move clearly below 0.7480 before a further weakness can be expected. The downward bias is deemed intact as long as AUD does not move above 0.7575 within these few days."

Technical levels to watch for