AUD/USD hammered down to mid-0.7400s, 11-month lows

   •  Bearish pressure remains unabated amid broad-based USD strength.
   •  A slump in commodities does little to lend any support and stall the downfall. 
   •  All eyes remain glued to Trump’s announcement on the Iran nuclear deal.

The greenback buying interest remained unabated on Tuesday, dragging the AUD/USD pair farther below the key 0.7500 psychological mark, or fresh 11-month lows.

Following the recent consolidation, witnessed over the past one-week, the pair resumed with its bearish trajectory and was being weighed down by a strong follow-through US Dollar buying interest. 

Adding to this, heavy selling around commodity space, especially copper, also did little to support the commodity-linked Australian Dollar and stall the pair's slide to mid-0.7400s, the lowest level since June 2017.

The pair was further weighed down by today's disappointing Aussie monthly retail sales data and the Australian budget release, which forced S&P to maintain its ‘negative’ outlook on the economy.

In absence of any major market moving economic releases from the US, investors will keep a close eye on the US President Donald Trump's decision on the Iran nuclear deal, scheduled to be announced at 1800 GMT later today.

Technical levels to watch

Despite near-term oversold conditions, the momentum seems strong enough to continue dragging the pair further towards 0.7425 intermediate support en-route the 0.7400 handle. On the upside, any meaningful recovery attempts might now confront immediate resistance near the 0.7500 handle, above which a bout of short-covering could lift the pair back towards 0.7535-40 supply zone.