The daily decline in AUD/USD seems to have found some decent support in the proximity of the 0.7500 handle on Tuesday.
AUD/USD weaker ahead of Yellen
The Aussie dollar remains unable to gather further traction during the first half of the week in spite of the softer tone around the US dollar, with spot giving away part of yesterday’s advance albeit finding support around the 20-day sma, near 0.7510.
Ahead in the session, the US docket will come to the fore, with Yellen’s speech taking the driver’s seat followed by CB’s Consumer Confidence and the speech by Fed’s Kaplan.
AUD/USD levels to watch
At the moment the pair is down 0.16% at 0.7533 facing the next support at 0.7481 (23.6% Fibo of 0.6824-0.7684) followed by 0.7413 (low Mar.16) and finally 0.7237 (200-day sma). On the other hand, a surpass of0.7684 (2016 high Mar.18) would open the door to 0.7739 (monthly high Jul.1 2015) and then 0.7851 (monthly high Jun.18 2015).
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(Market News Provided by FXstreet)