AUD/USD plummets to mid-0.7500s, inching back closer to multi-month lows

   •  Surging US bond yields prompt fresh selling. 
   •  Upbeat US GDP lifts USD and added to the bearish pressure.
   •  Weaker commodities fail to support commodity-linked Aussie. 

The AUD/USD pair maintained its offered tone through the early NA session and tumbled to fresh one-week lows, in the region of mid-0.7500s. 

A fresh leg of upsurge in the US Treasury bond yields, following the release of current Fed Chair Janet Yellen's prepared testimony speech, had been one of the key factors weighing heavily on higher-yielding currencies - like the Aussie.

The selling pressure aggravated further after the US Q3 GDP growth was revised higher to show an annualized growth of 3.3% during the third quarter of 2017, well above 3.0% originally estimated. The reading provided a minor boost to the US Dollar and further collaborated to the pair's sharp slide over the past hour or so.

Adding to this, bearish trading sentiment around commodity space, especially copper and gold, further dented demand for the commodity-linked Australian Dollar and did little to stall the pair's downfall back closer to over 5-month lows touched in the previous week. 

Technical levels to watch

A follow-through weakness below 0.7550 level would turn the pair vulnerable to extend its downward trajectory towards testing the key 0.7500 psychological mark.

On the flip side, any recovery attempts might now confront immediate resistance near 0.7575 level, above which a bout of short-covering could lift the pair beyond the 0.7600 handle towards 0.7625-30 supply zone.