AUD/USD: Struggle with 0.7600 extends, RBA in focus

Risk-off theme dominates the Asian trades and hence, weighs on sentiment surrounding higher-yielding currencies such as the AUD, leaving AUD/USD to meander near 0.76 handle.

AUD/USD stuck around 50-DMA at 0.7602

Currently, the AUD/USD pair now trades modestly flat at 0.7599, having regained 100-DMA barrier placed at 0.7593. Markets are weighing the reports of Clinton’s FBI probe and thus, refrain from placing any big bet in search of higher-yields, with just a little over a week remaining ahead of the US elections.

Moreover, increased nervousness ahead of the RBA and FOMC interest rates decision due later this week, also adds to cautious trading seen in the AUD/USD pair. While a broad based rebound staged by the US dollar, also weighs down on the Aussie.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7650 (psychological levels) above which gains could be extended to the next hurdle located 0.7709 (Oct 26 high) and 0.7739 (3-week highs). On the flip side, the immediate support located 0.7583 (daily S2). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7550 (round figure) and below that at 0.7532 (200-DMA).