AUD/USD tumbles below 0.7500 handle

Adding on its Tuesday's sharp losses, the AUD/USD pair tumbled below 100-day SMA support and is now extending its slide further below 0.7500 handle currently trading near session low around 0.7470 region.

Adding to the dovish RBA minutes, which hinted towards a possible rate cut in the near future, dismal reading from Melbourne Institute's leading index that predicts the direction of the economy added to the prevalent selling pressure around the major. 

Moreover, renewed fears of an imminent Fed rate-hike, after yesterday's strong housing market data from the US, has led to an upbeat sentiment surrounding the greenback. Adding to this, cautious trend across global equity markets also seems to boost the safe-haven appeal of the US Dollar and denting demand for dollar-denominated commodities, which is eventually hurting commodity-linked currencies - like Aussie.

In absence of any fresh economic releases, the pair seems unlikely to witness any swift recovery and continue with its near-term bearish trend.

Technical levels to watch

From current levels, 0.7460-55 region seems to extend some immediate support, below which the pair seems to drift lower and head towards testing 50-day SMA support near 0.7400 region. On the flip side, recovery momentum back above 100-day SMA support break-point, now turned, resistance near 0.7500 handle, could get extended but is likely to be capped at 0.7535-50 strong horizontal resistance.