AUD/USD takes out 0.75, poised for further losses

• Aussie sinks again as the US Dollar continues to recover broad-market.
• China is back in play this week and PMI data could impose swings on the Asia session.

The AUD/USD dropped once more on Tuesday, hitting a bottom of 0.7472 before settling near 0.7490 heading into the overnight session.

The Aussie has closed lower against the US Dollar for eight of the last nine consecutive trading days, and Tuesday's bottom is a fresh eleven-month low for the pair. 

Wednesday will be a quiet showing for the AUD/USD, although China's Caixin Manufacturing PMI at 01:45 GMT could produce some knock-on volatility and is forecast at 50.9 versus the previous 51.0. An upside beat tothe figure which is expected to show a minor contraction could inject some extra participation into the AUD, especially with Cina finally back in action after being off from markets for two days.

AUD/USD analysis: Chinese data to set the tone in Asian hours

AUD/USD Levels to watch

The Aussie charts are continuing to break indicators across the various timeframes as the sell-off continues, and as FXStreet's own Valeria Bednarik noted, "the pair is still biased lower according to technical readings in the 4 hours chart, as the price is further below a bearish 20 SMA,  while technical indicators stalled their declines well below their mid-lines, but with no signs of changing their previous course."

Support levels: 0.7470 0.7430 0.7400

Resistance levels: 0.7520 0.7550 0.7590