AUD/USD 0.7510 holding, for now, target 0.7279 on the wide?

Currently, AUD/USD is trading at 0.7524, down -0.01% on the day, having posted a daily high at 0.7558 and low at 0.7511.

AUD/USD has hit a wall at the aforementioned highs, not surprisingly so on the back of the RBA's wait see statement, China's lackluster recovery, commodity prices continuing to struggle and perhaps even the possibility of a rate cut sometime this year if fiscal policy doesn't have the intended effect on the economy. An infrastructure plan will likely be unveiled in next week's budget which could stoke the bull's fire for a limited time should there be positive outcomes in that budget for the economy for the medium term. However, the greenback will continue to find demand on hawkish Fed speak and meetings and the US yields are continuing to range around the psychological 2.3% level in the 10-year that tends to weigh on the high betas such as the Aussie. 

• FOMC meeting: no game changer for the USD
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So, ahead of the key event this week in nonfarm payrolls, we move on from the RBA to tomorrow's FOMC. Valeria Bednarik, chief analyst at FXStreet explained that "the US Central Bank is largely expected to keep rates unchanged after the hike seen last March, with the statement and the following press conference taking centre stage, as policymakers seem to be shifting the path of monetary tightening from rates to the balance sheet."

AUD/USD levels

AUD/USD: to consolidate but look for opportunities in Aussie crosses - Nomura

Valeria explained that in the 4 hours chart the intraday rally stalled around its 200 EMA while the price was unable to establish itself above a daily descendant trend line coming from late March. "In the same chart, the price remains above a bullish 20 SMA, while indicators lost their bearish strength within positive territory, indicating that selling interest is not yet strong enough to trigger a bearish breakout." The 0.7510 level is holding for now as the low, while next downside levels are 0.7470 and 0.7440 (April low) in the short term. On the wide, that April low at 0.7440 is the breakdown point to the 2016-2017 uptrend at 0.7279, according to analysts at Commerzbank: AUD/USD: near-term outlook is neutral - Commerzbank