AUD/USD hits resh multi-month low

The AUD/USD pair extended the bearish momentum in the last few hours after slipping below the 0.75 mark and moved a few pips below yesterday's low and refreshed its lowest level since January 17 at 0.7474. At the moment, the pair is down 0.3% at 0.7480. 

Although the US Dollar Index is having one of its worst daily declines in the past two weeks dragged by the sharp fall witnessed in the U.S. Treasury yields, the pair continues to face pressure. Geopolitical concerns continue to weigh on the market sentiment, and the AUD can't find demand as it's not considered to be a safe haven.

There are no more macro data to follow for the remainder of the day. FOMC member Kashkari will be giving a speech at 17:45 GMT and the investors will look for clues on the monetary policy. The CPI figures due from China and Westpac Consumer Confidence from Australia will be watched closely by the participants during the Asian session.

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Technical outlook

Below 0.7474 (daily low), the pair faces the first technical support at 0.7455 (Jan. 16 low) before 0.7380 (Jan. 10 high) and 0.7300 (psychological level). On the upside, the initial hurdle aligns at 0.7500 (psychological level) followed by 0.7555 (200-DMA) and 0.7600 (psychological level).