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AUD/USD hits fresh one-week lows, slides farther below 0.76 handle

   •  Reviving USD demand/uptick in the US bond yields prompts fresh selling. 
   •  Weaker commodities add to the downward momentum.
   •  Now looks vulnerable to extend the bearish slide.

The AUD/USD pair maintained its offered tone through the mid-European session and extended its downslide to fresh one-week lows, around the 0.7575 region.

A goodish recovery in the longer-dated US Treasury bond yields helped revive US Dollar demand and was eventually seen driving flows away from higher-yielding currencies - like the Aussie.

Adding to this, the prevalent bearish trading sentiment around commodity space, especially copper and oil exerted some additional downward pressure on the commodity-linked Australian Dollar and further collaborated to the pair's offered tone for the fourth consecutive session.

Next in focus would be the US economic docket, featuring the first revision of Q3 GDP figures and pending home sales, which along with the outgoing Fed Chair Janet Yellen's testimony would provide some fresh directional impetus for the pair.

From a technical perspective, reemergence of selling pressure on every moves beyond 0.7620-25 area, and a subsequent acceptance below the 0.7600 handle, clearly suggests that the pair's near-term bearish trajectory might still far from being over. 

Technical levels to watch

From current levels, the pair is likely to find some support near mid-0.7500s, below which the downside is likely to get extended towards testing the key 0.75 psychological mark.

On the upside, any recovery attempts might now confront fresh supply near the 0.7600 handle, above which the pair could make a fresh attempt to move past the 0.7620-25 strong barrier.
 

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