AUD/USD recovery looks set to end already, and China data could be a lifeline for the 0.75 level

• Aussie sees RBA minutes and China production figures, but China data likely to be the mover.
• RBA's Meeting Minutes likely to be a non-starter as the central bank's dovish position is already well-telegraphed.

The AUD/USD is cycling around 0.7525 in early Asia trading, and sticking close to Monday's low.

The Aussie slumped in Monday's US trading session as the US Dollar revived temporarily, and the AUD/USD's recovery last week is already coming under further selling pressure. The pair fell into a new low for May of 0.7412 before relief rallying into 0.7566 last week, but the move is already running out of steam in the early week.

Today sees the Reserve Bank of Australia's (RBA) Meeting Minutes at 01:30 GMT, but little surprise is expected from the report as an incredibly dovish RBA is already well priced in. Shortly afterword at 02:00 GMT we will also be seeing Chinese Retail Sales and Industrial Production figures, expected at 10% and 6.3% respectively, and a wide beat for the numbers could put a temporary floor under the Aussie, though China data has been missing the mark lately.

AUD/USD levels to watch

0.7500 remains the key support level for the pair, and as FXStreet's Valeria Bednarik noted, "the pair has been capped by selling interest around the 38.2% retracement of the latest weekly decline at 0.7565, while it nears a bullish 20 SMA, as technical indicators retreated sharply in positive territory. The pair can regain its upward strength on a break above the mentioned resistance, while below the 0.7500 figure, bears will likely regain control of the pair."

Support levels: 0.7500 0.7470 0.7435

Resistance levels: 0.7565 0.7610 0.7650