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FXstreet.com (Barcelona) - Aussie dollar is having some selling pressure in current Asia-Pacific session, taking the pair back to where it started yesterday, last at 1.0447. Following RBA minutes yesterday and better than expected Spanish sovereign debt auction Tuesday pushed the pair higher to fresh weekly highs yesterday at 1.0519, being 1.0510 50% retrace of latest down leg 1.0614/1.0410. AUD/USD has done all the way back lower, and accelerating on the downside.

As 4castweb.com reports, the Aussie is on the downside, "with some focus on warning of possible Australia recession in 2013 by large German bank, as prices for its key commodities such as iron ore and coal spiral lower. The warning comes on concerns that Australia's mining investment boom is waning," the analysts say. Iron ore just hit a fresh two-and-a-half year low, falling -2.7% to US$106.40/ton, as reported by Rhiannon Hoyle ‏for DowJones. Much worse trade balance deficit data for Japan released today, specially with China, is not helping either to the bullish case.

Immediate support to the downside for AUD/USD comes at Aug 02 lows 1.0432, followed by Friday's lows at 1.0410, and July 11 highs at 1.0330. For the upside, closest resistance shows at Thursday's lows at 1.0454, followed by Monday's highs at 1.0470, and Aug 10 lows at 1.0496.

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