The AUDUSD pair was trading in a tight range on Monday and was seen flattish during the London session, hovering around 0.7300, with only minimum volatility observed so far on the day.
As there are no major data on the agenda today, the current low-volatility trend could persist throughout the day.
More volatility should come on Tuesday, when the RBA Governor Philip Lowe is due to speak at an Australian Securities and Investments Commission event in Canberra. Moreover, the RBA minutes from the latest RBA monetary policy decision will be released and investors will pay close attention to these two events.
From the US dollar perspective, Wednesday will bring the FOMC minutes from the July’s meeting, which are expected to sound hawkish again.
The Aussie is marching toward the first key resistance of previous lows, which is around 0.7330 and if this is broken, further rise to 0.7370 could occur. Should the pair rise above, the bearish trend would be cancelled.
On the other hand, the support is located at 0.7270 and afterward near the current cycle lows around the 0.72 mark.