The AUD/USD pair extended its intraday corrective slide from 12-week tops and dropped to fresh session lows, around the 0.7325 region in the last hour. Following an early uptick to the highest level since September 2, the pair witnessed a modest pullback from the 0.7375 region following the release of downbeat housing data from Australia.
Apart from this, the downtick could further be attributed to some repositioning trade ahead of a flurry of top-tier US economic releases on Wednesday. The AUD/USD pair has now eroded a part of the previous day's strong gains, albeit a softer tone surrounding the US dollar might help limit any further losses. Adding to this, reports that the former Fed Chair Janet Yellen could become the next US Treasury Secretary provided an additional boost to the global risk sentiment. This, in turn, should extend some support to the perceived riskier Australian dollar and could attract some dip-buying around the AUD/USD pair.