AUD/USD shuffling its feet after failing to recover above the 0.74 handle

• The Aussie is trading sluggishly ahead of a quiet Thursday session.
• The RBA Bulletin due today encompasses the entirety of the AUD’s showing on the economic calendar for today.

The AUD/USD is trading quietly near Wednesday’s close, cycling near 0.7370 ahead of a quiet Wednesday.

Market sentiment saw a mild recovery yesterday, pumping the brakes on the Aussie’s decline, but not providing enough incentive for the AUD to deliver more than a half-hearted bounce from the week’s technical bottom near 0.7345. The Reserve Bank of Australia’s (RBA) Governor Lowe delivered remarks at a central banking meetup for the EU’s Sintra Forum, though Lowe’s remarks delivered little of note for traders, as the general theme of the meeting focused primarily on trade concerns surrounding the scaling-up of trade war rhetoric between the US and China.

Thursday sees the RBA’s Quarterly Bulletin at 01:30 GMT, a collection of speeches and notes detailing the central bank’s outlook on the Australian economic outlook, as well as highlighting the RBA’s operations, though with the bank’s forward guidance model giving traders a front-row seat to all of their major decisions, little new information is expected in the bulletin.

AUD/USD levels to watch

The Aussie is seeing little buying action amidst a mild market recovery, and as FXStreet’s own Valeria Bednarik noted, “the 4 hours chart shows that the intraday recovery stalled below a bearish 20 SMA, while technical indicators retreated from their intraday highs before stabilizing, the Momentum well below its 100 level and the RSI at around 31, all of which leans the risk toward the downside.  The weekly low was established at 0.7346, the immediate support, with a  break below the level favoring a continued decline toward the 0.7250 region, a strong long-term static support.”

Support levels: 0.7345 0.7310 0.7275

Resistance levels: 0.7395 0.7430 0.7480