FXStreet (Córdoba) – AUD/USD is extending its consolidation phase near recent lows into another session as investors await the Reserve Bank of Australia rate decision due tomorrow.
AUD/USD has traded within a narrow range over the last days after the pullback from the 0.8165 area found support around 0.7615 on Thursday. Since then, the Aussie has moved within 0.7615-0.7675, unable to set a short-term direction, with the latest string of economic data having little impact on the pair.
On Tuesday, the RBA will decide on monetary policy and is widely expected to leave interest rates unchanged at the current record-low of 2% after cutting in May. On the US front, the Institute of Supply Management is due to release the manufacturing PMI.
AUD/USD technical levels
AUD/USD is currently trading at the 0.7645 area, virtually unchanged on the day. On the downside, immediate supports are seen at 0.7617 (6-week low May 28) and 0.7600 (psychological level). On the upside, inext resistances could be found at 0.7667 (daily high), 0.7700 (psychological level) and 0.7760 (May 28 high).
(Market News Provided by FXstreet)