The Aussie sees a half-hearted bullish correction to kick off the new week. Tuesday sees limited data for the AUD as the US holiday comes to an end. The AUD/USD is trading near 0.7075 after Monday’s US holiday-thinned volumes saw the Greenback take a breather, allowing the Aussie to take a mild step back up after ticking down into a low of 0.7040 to open up the new trading week. The Aussie is down into fresh lows for 2018 after last week saw the AUD slip nearly 3% against the US Dollar as the USD catches a steady stream of bids thanks to continued expectations of inflation and US Fed rate hikes, as well as a firm bolstering effect from a climb in US Treasury yields. Tuesday opens the gates with a reading of the National Australia Bank’s Business Conditions and Confidence indicators at 00:30 GMT; NAB’s Business Conditions reading for September is expected to come in notably softer at 9 (previous 15), while NAB’s Business Confidence reading is expected to print mildly higher, forecast to tick up to 5 (previous 4). Later on, Westpac’s Consumer Confidence input for October will be coming in near the end of the day at 23:30 GMT, which last came in at a bearish -3%. It’s a relatively thin week for the Aussie on the economic calendar, and traders will be keeping an eye out for this Thursday’s US CPI reading, and core inflation within the US economy is expected to tick upwards from 2.2% to 2.3%, but the early week still sees plenty of time for Greenback bidders to step back into the fray after the US continent wraps up their Columbus Day long weekend. AUD/USD levels to watch The Aussie remains trapped near 0.7050 as the short side struggles to force the pair into and through the 0.70 major handle, but further downside would be the safer bet, according to FXStreet’s own Valeria Bednarik: “the pair has spent most of the last two sessions hovering around the 0.7060 level, and despite closing the day higher, it is at risk of extending its decline, given that in the 4 hours chart it’s now struggling with a bearish 20 SMA, while technical indicators have recovered within negative territory, both having lost their upward strength, the Momentum indicator just below the 100 level and the RSI at 39. Below the mentioned daily low, the pair could near the 0.7000 key psychological threshold while a break below it should signal a steeper decline ahead, despite the oversold conditions the pair has in bigger time frames. Selling interest stands at 0.7100, the level to overcome to see the downward pressure easing.” Support levels: 0.7040 0.7010 0.6980 Resistance levels: 0.7100 0.7140 0.7175 FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next The EU and the UK are in the middle of a game of Brexit chicken – Reuters FX Street 4 years The Aussie sees a half-hearted bullish correction to kick off the new week. Tuesday sees limited data for the AUD as the US holiday comes to an end. The AUD/USD is trading near 0.7075 after Monday's US holiday-thinned volumes saw the Greenback take a breather, allowing the Aussie to take a mild step back up after ticking down into a low of 0.7040 to open up the new trading week. The Aussie is down into fresh lows for 2018 after last week saw the AUD slip nearly 3% against the US Dollar as the USD catches a steady stream of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.