AUD/USD analysis: holding near fresh lows

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7711

Aussie pierced 0.7700 against the greenback, following bounce limited.
Australia to release RBA meeting Minutes during the upcoming Asian session.

The Australian dollar extended its decline against the greenback at the beginning of the day, with the pair falling down to 0.7686, its lowest since December 21st. There was no particular catalyst behind the early decline beyond some follow through of the dollar's advance from late last week, with no data coming from Australia. The recovery during the last session was quite limited despite broad dollar's weakness, a sign that market participants are not willing to bet on the commodity-linked currency. For this Tuesday, Australia has scheduled a speech from RBA Assistant Governor Bullock, the release of the latest RBA Minutes, and housing data for Q4, but the most relevant release will come next Thursday, with February employment data. Technically, the risk remains skewed to the downside according to the 4 hours chart, as indicators have barely bounced from extreme oversold readings, while the 20 SMA maintains a sharp bearish slope well above the current level.

Support levels: 0.7700 0.7665 0.7630

Resistance levels:0.7740 0.7775 0.7810

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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