AUD/USD slammed for second straight day, remains vulnerable

Extending its slide below 0.7500 psychological mark, the AUD/USD pair has now dropped to a fresh 2-week low level and is currently trading around 0.7460-65 band. 

The Australian Dollar continues to witness intense selling pressure after RBA minutes hinted towards a possible rate-cut in the immediate future. Moreover, reviving hopes of an imminent Fed rate-hike has boosted investor sentiment around the greenback. 

Diverging monetary policy stance is weighing heavily on the AUD/USD major. Moreover, in absence of any fresh economic trigger, the pair seems unlikely to get any respite from the ongoing bearish trend ahead of National Australia Bank's (NAB) Quarterly Business Confidence release, early during Asian trading session on Thursday. 

Investors will also be waiting for the outcome of ECB monetary policy meeting on Thursday that has the potential to infuse volatility in the market and drive US Dollar, which would eventually affect the AUD/USD major.

Technical levels to watch

From current levels, sustained weakness below 0.7450 seems to drag the pair immediately towards 50-day SMA support near 0.7400 region, which if broken is likely to trigger a fresh wave of weakness for the major.

On the flip side, 100-day SMA support break-point near 0.7480-85 region now seems to act as immediate strong resistance. Any attempts of recovery above 100-day SMA, and a subsequent rise above 0.7515 horizontal resistance, now seems to be capped at an important resistance near 0.7550-60 area.