AUD/USD is trading with a bearish bias although within a positive trend as we head towards tonight's main event in the RBA.
RBA to maintain old fashioned attitude despite the Aussie
AUD/USD dropped from the 0.7680 zone to end the week last week and made a recent low today of 0.7598, towards the 50 4hr sma at 0.7592. Fundamentally, the U.S. dollar is on the back foot, despite a solid jobs market and nonfarm payrolls report Friday last week and in the absence of fresh data the focus remains on the global concerns and challenges ahead of Central Bankers and the first up for the month comes in the RBA today.
"It is widely expected to keep rates steady at 2%," explained analysts at Brown Brothers Harriman. " However, it seems likely that the RBA will push back against recent AUD gains. Since the last RBA meeting March 1, AUD has gained over 7% against USD. Overnight, February retail sales came in weaker than expected, flat m/m vs. consensus for a 0.4% gain."
AUD/USD levels
AUD/USD has continued to find hard resistance at the 0.7680/00 level with only a temporary score on the 0.77 handle itself with a high of 0.7722. The 10 dma is located at 0.7596 while the previous downtrend from the highs was met with demand at the 20 dma, currently at 0.7561 for today. 0.7400/10 is a key support as well, being the recent lows of 15th March 0.7414.
(Market News Provided by FXstreet)