AUD/USD steady just above 0.72 ahead of RBA

Another non-starter from the RBA expected in early Asia.
Interest rate hikes are still seen as a far-off dream for Aussie bulls.

Joshua Gibson FXStreet

The AUD/USD heads into Tuesday's early overnight session after cycling near the 0.7200 figure through Monday's trading as Antipodean traders gear up for another showing from the Reserve Bank of Australia (RBA). The Aussie is trading up into 0.7225

The RBA is set to come in for a landing with their latest Rate Statement at 04:30 GMT early Tuesday, though with the Australian central bank set to remain steady on rates for the foreseeable future, traders will instead be looking into the finer details of the RBA's statement, looking for adjustments to the bank's rhetoric as central planners react to unfolding Australian economic data.

Little else remains on the economic calendar for the AUD this week, and traders will be gearing up for another Non-Farm Payrolls Friday, as well as another high-impact speech from the US Fed's Jerome Powell, which is due later today at 16:45 GMT.

AUD/USD levels to watch

The key element for early Tuesday is the RBA, and according to FXStreet's own Valeria Bednarik, "the pair heads into the key event with a neutral-to-bearish technical stance according to technical readings in the 4 hours chart, as beyond the mentioned Fibonacci resistance, the pair was also unable to recover above a bearish 20 SMA, which extends its decline below the 200 SMA. Technical indicators in the mentioned chart hover around their midlines, with modest upward slopes that fell short from confirming an upward extension ahead."

Support levels: 0.7190 0.7155 0.7120

Resistance levels: 0.7255 0.7300 0.733

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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