AUD/USD struggling on the wrong end of 0.7300 ahead of the RBA's latest Meeting Minutes

  • Thin action for the Aussie sees the major Antipodean pair slipping lower.
  • Action on the economic calendar appears hefty, but the action has been well-telegraphed.

AUD/USD has softened its stance through Monday trading, sliding beneath the 0.7300 key technical figure as Aussie buyers struggled to find a reason to keep the AUD propped up against the Greenback in quiet markets to kick off the new trading week.

Monday brought little of note for the AUD on the economic calendar, and despite the stacked appearance of Tuesday's data docket, movement can be expected to remain constrained amidst broader market flows continuing to keep a hesitant eye on US-China trade relations.

The latest Meeting Minutes from the Reserve Bank of Australia (RBA) are expected to drop early Tuesday at 00:30 GMT, but with the Australian central bank's wait-and-see stance well-telegraphed and documented, expectations for any serious adjustments to the RBA's internal dialogues remain incredibly low. Later on will see a speech from the RBA's Governor Phillip Lowe at 08:20 GMT, though the RBA governor is unlikely to derail or alter the current line of rhetoric while he gives a speech at the annual dinner of the Committee for Economic Development of Australia.

AUD/USD Levels to watch

The AUD/USD is still hanging onto a bullish technical stance according to FXStreet's own Valeria Bednarik: "meanwhile, and despite the daily decline, the pair retains the positive tone, at least short-term as, in the 4 hours chart, technical indicators retreated from overbought readings but turned flat within positive levels, the Momentum right above its mid-line and the RSI at around 55. In the same chart, moving averages continue advancing below the current level, with the 20 SMA providing intraday support. Bulls could become discouraged if the pair doesn't recover the 0.7300 level, but bears will re-take control only below 0.7250."

support levels: 0.7290 0.7250 0.7210

Resistance levels: 0.7300 0.7340 0.7380  

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