• AUD/USD rejected at session high by 0.75, slips below the 0.75 handle to currently trade around 0.7495.
   
• Aussie extends weakness after Australian government revised its 2016 and 2017 iron ore price forecasts lower.
   
• AUD/USD finds strong support at 0.7485 which is hourly cloud top and rising trendline.
   
• Break below 0.7485 will see weakness upto 0.7455 and the 0.7430 levels.
   
• On the flipside break above 0.7511 will find next hurdle at 0.7525, 0.7538 and then 0.7545 levels.
   
• The incumbent government led by Malcolm Turnbull is very close from securing a majority government, however, it is still a close call. 
   
• Mr. Turnbull’s governing coalition has secured 73 seats, 3 short of securing a majority government. 
   
• On the weekly charts, the pair likely to continue its upward grind. We see scope for test of 0.77 in the weeks ahead.