AUD/USD sold-off into cross-driven weakness, tumbling copper prices

The AUD/USD pair brought an end to its steady recovery mode just below 0.7550 levels, and fell sharply lower over the last hours, with the bears now eyeing a test of 0.75 handle.

The Aussie ran through fresh offers on the back of tumbling copper prices, after the red metal was hit by a fresh selling wave post-China open. Disappointing Chinese manufacturing PMI figures continue to weigh on copper prices.

Moreover, stalled USD selling combined with cross-induced weakness also collaborates to the renewed downside in the major. The AUD/NZD pair slumped to fresh weekly lows after the Kiwi was boosted by strong NZ jobs report and rebound in oil prices.

Looking ahead, all eyes now remain on the US ADP jobs data and ISM non-manufacturing PMI report for fresh USD moves, while the FOMC meeting will be also closely eyed for any hints on a June rate hike.

AUD/USD Levels to watch   

At 0.7520, the immediate support is located at 0.7500 (zero figure). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7484 (classic S2/ Fib S3) and below that 0.7446 (Jan 13 low). On the flip side, the pair finds the immediate resistance at 0.7531/39 (20 & 200-DMA) above which gains could be extended to the next hurdle located 0.7577/86 (50 & 100-DMA) and 0.7595 (Apr 24 high).