AUD/USD hovers above 0.7600, RBA eyed

FXStreet (Córdoba) - AUD/USD is going through a consolidation phase on Monday amid thin volume with European markets closed for Easter and as investors gear up for the RBA monetary policy decision.

The US dollar remains soft across the board after disappointing nonfarm payrolls. AUD/USD retreated from the 0.7700 area where it peaked on Friday, but it was contained by the 100-hour SMA at 0.7608 and spent the last sessions within a narrow range.

AUD/USD levels to watch

At time of writing, AUD/USD is trading at 0.7625, virtually unchanged on the day, with immediate resistances at 0.7648 (daily high), 0.7692 (Apr 3 high) and 0.7746 (Mar 30 high). On the flip side, supports are seen at 0.7608 (daily low/100-hour SMA), 0.7570 (Apr 3 low) and 0.7532 (6 -year low Apr 2).

RBA meeting

The Aussie has been under pressure, having struck a fresh 6-year low of 0.7532 versus the greenback amid divergent monetary policy outlooks.

The Reserve Bank of Australia is expected to cut rates by 25 bps on Tuesday, sending the rate to 2.25%. Analysts also anticipate further cuts this year in an attempt to reduce the impact of falling commodity prices.

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