AUD/USD: Further downside in play ahead of a big week?

The AUD/USD pair is seen extending losses in early Asia, with the bears now looking to test 0.76 barrier, following a break below Friday’s low near 0.7640 region.

AUD/USD sold-off just ahead of daily pivot at 0.7656

Currently, the AUD/USD pair trades marginally lower at 0.7642, hovering within a striking distance of daily lows struck at 0.7637 last hour. The major meanders near the lower bound of today’s trading range, unable to take on the recovery Friday’s slump further beyond 0.7660 levels.

The Aussie trades at four-day lows as the sentiment remains buoyed around the US dollar across the board on upbeat Fed Bullard’s comments. While mixed sentiment prevalent on the Asian equities also weighs down on the higher-yielding currency AUD.

Ahead in the week, all eyes remain on the RBA monetary policy minutes, Aussie jobs data and a host of US economic data for fresh momentum on the major.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7662/69 (daily high/ 5-DMA) above which gains could be extended to the next hurdle located at 0.7700 (round figure). On the flip side, the immediate support located at 0.7600/0.7594 (round figure/ 20-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7541 (50-DMA).