AUD/USD falls below 0.7500 to 11-day lows

The Australian dollar has extended losses against its American counterpart on Tuesday, with AUD/USD breaking through several support levels.

AUD/USD lost over a hundred pips throughout the day and bottomed out at 0.7475 before finding support. At time of writing, the pair was trading at 0.7485, 1.37% below its opening price.

The RBA Minutes of the July meeting showed  that Board discussed Brexit, but they concluded it would have only a “modest adverse effect” on the global economy while the tone on the domestic data was solid to mixed.

AUD/USD levels to watch

In terms of technical levels, next supports are seen at  0.7407 (Jul 6 low), 0.7394 (50-day SMA) and 0.7316 (200-day SMA). On the other hand, resistances could be faced at 0.7559 (10-day SMA),  0.7606 (Jul 18 high), 0.7657 (Jul 12 high) and 0.7675 (Jul 15 high).