FxWirePro: AUD/USD extends previous session's weakness, on track to test 61.8% Fib

AUD/USD chart - Trading View 

AUD/USD was trading 0.02% lower on the day at 0.7422 at around 04:00 GMT, outlook bearish.

The pair was extending previous session's weakness and is on track to test 61.8% Fib at 0.7379.

Selling pressure continues among the antipodeans as risk sentiment deteriorates in the Asian session.

On the data front overnight, US Initial Jobless Claims rose unexpectedly to 373 K, above the market expectations at 350K.

Increasing corona cases in the Asia-Pacific and concern regarding the rising Delta variant COVID-19 infections keep markets depressed.

Major Support Levels: 

S1: 0.74 (Psychological mark)

S2: 0.7379 (61.8% Fib)

S3: 0.7301 (110-week EMA)

Major Resistance Levels: 

R1: 0.7468 (5-DMA)

R2: 0.75 (200H MA)

R3: 0.7542 (21-EMA)

Summary: AUD/USD trades with a bearish bias. The pair is set to extend downside as antipodeans lose ground amid worsening risk appetite. 

Technical bias for the pair is strongly bearish. Price action has slipped below 55-week EMA and is on track to test 61.8% Fib at 0.7379.