AUD/USD tumbles to 6-week lows under 0.7500

A stronger US dollar amid risk aversion pushed AUD/USD  further to the downside. The pair weakened further during the American session and is trading at the 0.7467, at the lowest level since July 27.

The aussie is among the weakest currencies in the market at the moment. AUD/USD broke below the 0.7485 - 0.7500 support area that offered support in August and also yesterday.

Only a pause

Yesterday the pair managed to end higher but today it resumed the decline. The recovery was short-lived. During the last five days, AUD/USD dropped in four and from last week highs it has fallen more than 250 pips.

Price dropped below the 100-day moving average that stands around 0.7475 and now it appears to be headed to test the next relevant support located around 0.7450. To the upside, a recovery back above 0.7500 could remove the current bearish momentum.