• AUD/USD declined to hit 1 month lows on Monday as comments by Federal Reserve last week reinforced expectations of a US interest rate hike as early as September.
   
• Traders grew sceptical there would be an increase in U.S. rates as soon as September, though December remains a possibility.
   
• Currently the currency pair is trading around 0.7511 levels, it is set to decline further towards 0.7470 and later towards 0.7450 levels in the short term.
   
• Strong support can be seen at 0.7443, a break below this level will expose the pair towards next support level located at 0.7404.
   
• Major resistance can be seen at 0.7567, a break above this level will open the gates towards 0.7600 levels.
  
  Resistance Levels
  
  R1: 0.7529 (50% Retracement Level)
  
  R2: 0.7567 (61.8% Retracement Level)
  
  R3: 0.7600 (Psychological levels)
  
  Support Levels
  
  S1: 0.7490 (38.2 % Retracement Level)
  
  S2: 0.7443 (23.6 % Retracement Level)
  
  S3: 0.7404 (July 6th lows)