• The AUD/USD declined sharply on Thursday as Australian dollar was weighed down by lower oil prices and downbeat China's manufacturing data.
   
• The Aussie dropped around half a U.S. cent following disappointing economic report from China, Australia's top export market.
   
• A private survey of China's manufacturing activity contracted in May for the first time in nearly a year. That contrasted with an official survey released on Wednesday showing activity remained in expansionary territory.
   
• Currently, the currency pair is trading at 0.7376 levels, it is set to decline further towards 0.7340 and  0.7300 levels in the short term.
   
• To the upside, the strong resistance can be seen at 0.7439, a break above this level would take the pair towards next resistance level at 0.7475.
   
• To the downside immediate support can be seen at 0.7366, a break below this level will open the door towards next level at 0.7348.​
  
  Resistance Levels
  
  R1: 0.7403 (50% Retracement level)
  
  R2: 0.7439 (61.8% Retracement level)
  
  R3: 0.7475 (May 31st high)​
  
  Support Levels
  
  S1: 0.7366 (38.2% Retracement level)
  
  S2: 0.7348 (Jan 11th lows)
  
  S3: 0.7300 (Psychological levels)