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2016.08.2413:00:00UTC+00Fxwirepro: Aud/usd Outlook Weaker on renewed Downside Pressure
The AUD/USD declined on Wednesday, as commodity currencies weakened across the board after oil prices extended their losses after an unexpected large build in U.S. crude stockpiles renewed worries about oversupply in the market.
The pair hit low at 0.7597, after finding selling interest around 0.7629 levels before retreating slightly towards 0.7608 levels in the mid-morning US session.
Currently, the currency pair is trading at 0.7614 levels, it is set to decline towards 0.7580 and 0.7540 levels in the short term.
To the upside, the strong resistance can be seen at 0.7652, a break above this level would take the pair towards next resistance level at 0.7723.
To the downside immediate support can be seen at 0.7590, a break below this level will open the door towards next level at 0.7552.
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