AUD/USD plunges below 0.7500 on dovish RBA meeting minutes

The AUD/USD pair remained well offered and extending its sell-off has now dropped below 0.7500 psychological mark to currently trade close to 100-day SMA support around 0.7480-90 region.

Earlier during Asian trading session, minutes of the July RBA meeting when interest rates were held unchanged raised concerns over inflation / employment scenario and fueled expectations that the central bank could make a move to cut interest-rates at its August meeting. 

Immediately after the minutes were releases, the AUD/USD pair got slammed and extended its slide during European trading session. 

Next in focus would be US housing data and only a highly disappointing numbers would provide some minor respite for the AUD/USD bulls. 

Technical levels to watch

A sustained weakness below 100-day SMA support near 0.7480-90 region opens room for extension of the pair's downslide immediately towards 0.7460-50 horizontal support, which if broken now seems to pave way for continuation of the depreciating move further towards testing the very important 200-day SMA support near 0.7315-10 region.

On the flip side, any recovery attempt back above 0.7500 handle now seems to confront immediate resistance near 0.7530, above which the pair seems to extend its recovery move towards session high resistance near 0.7595-0.7600 area. Only a decisive move back above 0.7600 area would now negate near-term bearish expectations and assist the pair to resume its near-term bullish trajectory.