AUD/USD wiggles at RBA, but still near the bottom as 0.75 closes in
- The Aussie is holding close to the day's range, an as-expected RBA doing little to inspire Aussie traders.
- Next up for the pair will be US ISM figures, which could drive some fresh volatility into the AUD/USD.
The AUD/USD is still struggling around the 0.7545 level, showing a brief spark of life but still little-moved by the Reserve Bank of Australia's widely-expected rate hold at 1.5%.
The RBA's Rate Statement revealed little new for traders, with the Australian economy continuing to lag far behind global trends and the RBA stuck on interest rates well into 2019. The interest rate has remained at 1.5% for a record 19th straight RBA Rate Decision, and the central bank's options are limited with the RBA waiting to see some sign of pickup in the economy before enacting further policy tools.
RBA steers rates on a steady course, as widely expected
Next up for the AUD/USD pair will be the US ISM Manufacturing PMI at 14:00 GMT, expected 58.4 versus the previous reading of 59.3, with ISM Prices Paid dropping in unison, forecast at 78.3 (prev. 78.1).
AUD/USD levels to watch
The pair is deeply bearish, approaching last December's lows near the 0.7500 major handle, and as FXStreet's own Valeria Bednarik noted, "latest data coming from the country has been soft, which suggest that if there's going to be a change in the wording, it would be to the dovish side, and could result in the pair piercing the 0.7500 threshold. Technically, the pair is bearish, given that in the 4 hours chart, the pair keeps developing below a bearish 20 SMA, while the RSI indicator extended its decline down to 31, although the Momentum retains a neutral stance."
Support levels: 0.7500 0.7470 0.7430
Resistance levels: 0.7550 0.7590 0.7620