AUD/USD remains below 0.7500

AUD/USD started the week on a quiet note, advancing slightly during the Asian session amid mildly positive markets sentiment.

AUD/USD rose to a daily high of 0.7492, but stalled once again ahead of the 0.75 mark and settled in a range just below that level. At time of writing, the pair is trading at 0.7481, still up % on Monday.

There were no major releases in Australia and now all eyes are on Wednesday’s Q2 CPI data. “We see a potential trigger for another RBA cut in Aug if underlying CPI sinks from 1.5% to a new low of 1.3%,” said TD Securities team. “ Q2 terms of trade on Thursday worth a glance.”

AUD/USD levels to watch

In terms of technical levels, next supports are seen at  0.7442 (Jul 22 low), 0.7407 (Jul 6 low/50-day SMA) and 0.7320 (200-day SMA). On the flip side, resistances could be faced at 0.7516 (Jul 20 high), 0.7544 (10-day SMA) and 0.7606 (Jul 18 high).