AUD/USD analysis: holding at lows, bearish
|AUD/USD Current price: 0.7549
- RBA meeting Minutes and Governor Lowe speech up next.
- Plummeting gold prices weigh on Aussie, down despite better market mood.
The AUD/USD pair closed lower for a fourth consecutive day around 0.7550, having traded within a 30 pips´ range on Monday, amid the absence of macroeconomic news, and mixed hints from correlated markets. The sharp recovery in equities should have backed an AUD recovery, but the poor performance of base metals, with gold almost $20.00 lower on the day, capped the recovery. The bearish dominant trend, also had its say on the pair which remained at the lower end of Friday's range. The Reserve Bank of Australia will release the minutes of its latest meeting during the upcoming Asian session, while Governor Lowe is set to speak later on the day. However, no big revelations are expected on monetary policy. From a technical point of view, the short-term picture is bearish as an early attempt to advance was contained by a bearish 20 SMA, currently around 0.7570, while technical indicators turned lower within negative territory, although with limited momentum. The pair would need to break below 0.7535, last week's and a multi-month low to gain further traction downward, eyeing then 0.7450 for this Tuesday.
Support levels: 0.7535 0.7490 0.7450
Resistance levels: 0.7570 0.7620 0.7660
View Live Chart for the AUD/USD
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