AUD/USD resumes the decline and approaches 0.7500

AUD/USD resumed the downside after a short-lived recover and broke below the strong support area around 0.7550/60. The pair reached a fresh 4-week low and extended weekly losses. 

Eyes on 0.7500

The Aussie failed to recover ground against the US dollar and after being rejected from above 0.7600 it turned again to the downside. The pair fell below 0.7555 and declined to 0.7538, hitting the lowest since October 13. 

Price remains near the lows, holding a bearish tone, closer to the 0.7500 area, that is the next key zone of support (October lows and psychological). 

Creenback gained momentum across the board during the last hours as stocks in the US turned to the downside and as US bond yields stabilized. Gold prices tumbled to $1230, the lowest since June. 

During the week AUD/USD lost more than a hundred pips and is about to end with the worst weekly performance in months. Price could post the first close below the 20-week moving average since June.