The AUD/USD pair fell to 0.7645 in Asia - the lowest level since December 18 as the dollar funding costs continue to rise.
The gap between the three-month dollar London interbank offered rate (LIBOR) and three-month overnight indexed swap rate (OIS) rose to 60.300 basis points earlier this week - the widest level since May 2009.
Further, the US fourth-quarter GDP was revised higher to 2.9 percent yesterday, which was well above the estimated upward revision to 2.7 percent from 2.5 percent. Also, the sharp rise in the USD/JPY ahead of the quarter end seems to have put a bid under the US dollar.
All the above-listed factors are likely pushing the AUD/USD down to multi-month lows. Australia private sector credit growth in February (actual 0.4% m/m, expected 0.3%) had little impact on the pair and so did the upbeat labor data.
Looking ahead: the spot may extend losses further if the risk aversion equities worsens and the US personal spending figure prints above estimates.
AUD/USD Technical Outlook
FXStreet Chief Analyst Valeria Bednarik sees little signs of a turnaround in the pair.
"The pair is in the middle of a bearish trend, with no signs of changing course and poised to complete a 100% retracement to December low at 0.7500. Short-term technical readings support a new leg lower for the upcoming session, as in the 4 hours chart, the pair is developing well below a bearish 20 SMA, while technical indicators decelerated just partially, maintaining their downward slopes near oversold readings.