AUD/USD on the sidelines below 0.7800
|- Tuesday saw the AUD/USD trapped in a 30-pip range.
- Wednesday isn't looking much better with little meaningful data on the docket.
The AUD/USD has continued to middle this week, and the pair is hanging around 0.7770 in the overnight session.
The Aussie has been trapped within Friday's range for two consecutive trading days, and the trend is likely to continue with little data on the economic calendar for Wednesday to drive the AUD from its seat. Thursday will bring Australian unemployment figures at 01:30 GMT, and the seasonally adjusted Unemployment Rate for March is expected to decrease from 5.6 percent to 5.4, but with wage growth stifled within the Australian economy, an improving employment picture is unlikely to drive buyers very far.
RBA minutes: Gradual approach to policy - Westpac
The AUD's outlook continues to tilt to the bearish side as the Reserve Bank of Australia (RBA) muddles through slumping growth prospects, and as FXStreet's Ross Burland noted earlier, "from a fundamental perspective, the RBA minutes are supportive of a higher Aussie on the basis that the board leans with a hawkish bias, ( RBA said next move in rates was likely a hike), although there is a lack of conviction here and risks to such an outlook continue to accumulate."
AUD/USD Levels to watch
As stated by FXStreet's own Valeria Bednarik, "the pair is neutral-to-bullish according to technical readings in the 4 hours chart, developing above a modestly bullish 20 SMA, and with technical indicators lacking directional strength within positive territory. The pair is also above the 0.7740 Fibonacci level, which limits the risk of a downward move."
Support levels: 07740 0.7700 0.7765
Resistance levels: 0.7785 0.7820 0.7850
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