- AUD buyers flub a shot for the 0.72 barrier.
- Tuesday brings more RBA rhetoric, but eyes are on the US with more tariffs expected.
The AUD/USD is trading near 0.7180 after buyers failed to launch into the 0.72 handle with sufficient momentum on Monday, and markets are dialing back in anticipation of tariff announcements from US President Donald Trump in the latest round of the deepening US-China trade war.
Tuesday brings another round of the Reserve Bank of Australia’s (RBA) Meeting Minutes at 01:30 GMT, though with the Aussie central bank firmly entrenched in a wait-and-see stance for over two years, traders are not expecting much new from the RBA.
Australian Housing Price Index figures are also due today at 0:30 GMT, with the quarter-on-quarter reading expected to hold steady at -0.7%, in-line with the previous figure.
AUD/USD levels to watch
Aussie bulls are waiting in the wings, but little impetus could be found in the near-term, and as FXStreet’s own Valeria Bednarik noted: “the pair found intraday support around the 23.6% retracement of its latest daily decline now battling with the 38.2% retracement of the same slide, so far unable to break above it. In the 4 hours chart and for the upcoming sessions, the pair offers a neutral-to-bullish stance, as it regained ground above a bullish 20 SMA, but remains below a bearish 100 SMA, while technical indicators recovered, the RSI now heading north around 59 and the Momentum lagging, steady around its mid-line. The next Fibonacci resistance comes at around 0.7225, and the pair would need to clearly break above it to offer a clearer bullish stance.”
Support levels: 0.7165 0.7130 0.7095
Resistance levels: 0.7225 0.7260 0.7300
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