AUD/USD resumes the slide, heading towards 0.74

• The Aussie resumes moving out of the Greenback's way, sets new low in Asia trading.
• No AUD data until Friday, US CPI figures could upend markets first on Thursday.

The AUD/USD is continuing to tumble in early Wednesday, and the pair kicked into a new 12-month low heading into the Tokyo session at 0.7425.

The Dollar has resumed catching a broad-market bid now that the recent market tension over the Middle East has temporarily been set aside with the US officially announcing it was pulling out of the Iran deal. market participants have recovered themselves well, and buying interest in the Greenback remains high.

This week is a quiet showing for the AUD, with little impactful news scheduled this week; the next reading for the Aussie comes on Friday with New Home Sales figures. On the US side, the focus has already turned to Thursday's CPI figures, which drop at 12:30 GMT. Economic figures from the US have been having a good run, and traders are looking for hints that the Fed is prepared to raise rates three more times in 2018.

AUD/USD Levels to watch

FXStreet's Valeria Bednarik on the Aussie technical outlook: "the pair is still technically bearish according to readings in the 4 hours chart, as the price is well below a now bearish 20 SMA, while the Momentum indicator extends its decline within bearish territory and the RSI consolidates around oversold readings. A break below the mentioned daily low should expose the 0.7360 region a strong static support. Corrective upward moves, on the other hand, should meet selling interest on approaches to the 0.7500 level."

Support levels: 0.7435 0.7400 0.7365

Resistance levels: 0.7475 0.7510 0.7550