AUD/USD heading for 0.75?
- Aussie down against rising USD, but looking for a bounce.
- Bond yields are pushing the Greenback higher across the board.
The AUD/USD is trying to catch a bounce in the overnight session, trading into 0.7570 after declining once again in Wednesday's action.
The Aussie continued to fall against the Greenback on Wednesday as US Treasury bond yields continue to climb, driving the USD higher across the broader market. The Aussie managed to find a floor heading into Thursday's session, and is trading up from the new low made near 0.7550, a new four-month low for the pair.
The AUD has little meaningful data left on the macro calendar for the week, and the Aussie is likely to continue exposing its weak side as the Reserve Bank of Australia continues to flap to the dovish side amidst middling economic figures and lagging growth in the Australian economy.
AUD/USD Levels to watch
As FXStreet's own Valeria Bednarik noted earlier about the AUD/USD's technical position: "down for a fifth consecutive day, speculative interest is targeting what could be considered a major inflection point, 0.7501, the low set last December. Below it, the pair has room to extend its decline toward 0.7250, the next long-term relevant support. In the meantime and for the shorter term, the pair is at risk of extending its decline, as technical indicators consolidate well below their mid-lines, and the RSI in fact at oversold levels, while the 20 SMA has extended its decline, now acting as dynamic resistance around 0.7610."
Support levels: 0.7550 0.7500 0.7470
Resistance levels: 0.7580 0.7620 0.7660