FxWirePro: AUD/USD extends weakness for the 3rd straight session, ongoing covid concerns and mixed NAB Business Survey undermine Aussie

AUD/USD chart - Trading View 

AUD/USD was trading 0.09% lower on the day at 0.7322 at around 04:50 GMT, after closing 0.32% lower in the previous session.

The pair is grinding lower for the 3rd straight session, technical analysis shows scope for further downside.

A survey from National Australia Bank showed on Tuesday the index of business conditions sank 14 points to +11 in July from 24 in the previous month.

Australian business conditions worsened sharply for a second month as coronavirus lockdowns took a heavy toll on service industries and confidence in general.

The survey’s measure of confidence dived 19 points to -8 from 11 recorded in the previous month.

On the other side, investors brace for the Federal Reserve to taper support earlier than expected on an upbeat jobs report and inflationary pressure

The U.S. dollar saw a broad rally and U.S. Treasury yields spiked to three-week highs on the back of the strong jobs data and early Fed taper speculation, weighing further on the pair.

AUD/USD hovers around immediate support at 110-week EMA at 0.7307. Break below will take the pair lower to 200-week MA at 0.7224.