AUD/USD hits a 7-day low at 0.7520, slides for fourth straight session

Extending its downslide for fourth consecutive session, the AUD/USD pair is now hovering around a 7-day low level near 0.7525 region. 

The prevalent risk-off sentiment in equity markets is extending further support to the greenback, which gained sharply against its Australian counterpart on Friday after hawkish comments from FOMC member Eric Rosengren fueled speculations of an imminent Fed rate-hike action at its meeting on September 20-21.

Last week the pair reversed sharply after hitting a fresh 3-week high level of 0.7732 and tumbled below 50-day SMA support, confirming strong supply pressure above 0.7700 handle. 

In absence of any economic releases, the pair would continue to derive its move from expectations about the Fed's next monetary policy action and would take fresh impetus from today's scheduled speech from the Fed Governor Lael Brainard, later during US trading session. 

Technical levels to watch

From current levels, the pair is likely to find support at 0.7500 psychological mark, which is followed by an important support near 100-day SMA around 0.7485-80 region. A clear break below 100-day SMA would increase the pair's vulnerability to continue drifting lower in the near-term.

Meanwhile on the upside, 0.7550 area (session high) now seems to act as immediate resistance. Any recovery attempts beyond this immediate resistance now seems to be capped at 50-day SMA support break point now turned resistance near 0.7580-85 region.