AUD/USD makes fresh 7-week lows

By FXStreet AUD/USD came under renewed pressure and printed fresh 7-week lows during the American session as USD weakness proved to be short-lived.

AUD/USD made a marginal new low of 0.7449, last seen March 16, before finding support and it was last trading at 0.7458, down 0.35% on the day. The Aussie remains under pressure, having lost 2% so far this week, after the RBA unexpectedly decided to cut rates by 25 bps on Tuesday.

AUD/USD levels to watch

As for technical levels, next supports are seen at 0.7449 (May 4 low), 0.7414 (Mar 16 low) and 0.7390 (Mar 7 low). On the other hand, resistances could be found at 0.7554 (50-day SMA), 0.7655 (20-day SMA) and 0.7719 (May 3 high).
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Source:: FX Street