AUD/USD slides further, drops to 0.7535 ahead of US consumer confidence

The greenback continued scaling higher on Tuesday with the AUD/USD pair erasing Monday's tepid recovery gains to currently trade at around 0.7535 region and seems all set to drop back to weekly low. 

Earlier on Tuesday, the pair touched a session high level of 0.7580 following the release of a surprisingly stronger-than-expected building approval numbers from Australia. The pair, however, ran through fresh offers as the greenback continues to gain traction on intensifying speculation of an eventual Fed rate-hike in September. 

Traders now shift their focus to the release of Conference Board's consumer confidence index for August, later during US session, for fresh impetus. However, Friday's release of US monthly jobs report would remain this week's key event risk and would provide further clarity over the Federal Reserve's next move. 

Technical levels to watch

Next support to the downside can be found at 0.7525 (Yesterday's Low), 0.7511 (Weekly Classic S1) and 0.7498 (100-day SMA). Immediate resistance ahead at 0.7559 (Hourly 20 EMA), 0.7560 (Daily Classic PP), 0.7562 (Weekly Low), 0.7570 (Daily Open) and 0.7582 (Yesterday's High).