AUD/USD: to remain under pressure today, target 0.7250?

Currently, AUD/USD is trading at 0.7478, up 0.06% on the day, having posted a daily high at 0.7483 and low at 0.7470.

• Forex today: you can't get much more political in FX as that, dollar gets whacked
• Interesting developments in Australia - ANZ

AUD/USD came under immense pressure yesterday and the supply taps remained open throughout overnight markets, slightly supported on the market reaction to Trump's tax plan announcements.

"The AUD will likely remain under pressure today, as yesterday’s CPI data showed that there is little pressure on the RBA to lift rates anytime soon. Concerns over US protectionism will also continue to weigh on commodity currencies. Locally, we will keep an eye on Governor Lowes speech, though we don't expect anything new there," explained analysts at ANZ.

AUD/USD levels

Valeria Bednarik, chief analysts at FXStreet explained that the 4 hours chart shows that the price is well below a now bearish 20 SMA, whilst technical indicators have partially lost their bearish strength, but remain within the oversold territory, suggesting some upcoming consolidation rather than downside exhaustion. "The pair is at risk of falling further, particularly on a decline below 0.7410, with scope then to extend its slide towards the 0.7250 region during the upcoming days."