AUD/USD rejected once again near 0.7700 ahead of RBA

The AUD/USD pair wiped-out entire gains and trades modestly flat as we head closer towards the RBA policy decision, with the bulls left unimpressed by upbeat Australian building approvals and job ads data.

AUD/USD revisits daily lows?

Currently, the AUD/USD pair trades almost unchanged at 0.7676, having failed once again near 0.77 handle. The Aussie now turns negative as investors resort to profit-taking after the major ran into resistance located at 0.7700 levels, while a bout of profit-taking ahead of the RBA decision also cannot be ruled out.

The Aussie drops back towards daily lows, despite stronger Aus datasets, with the building consents data beating expectations by a big margin. Further, the major also fails to benefit from the strong gains seen in the AUD/JPY cross, as markets turn cautious before the RBA rate decision.  

RBA is widely expected to stand pat on its interest rates decision today, although comments on the AUD level will be closely eyed, in wake of the sharp appreciation since the beginning of this year.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7691 (daily high) above which gains could be extended to the next hurdle located at 0.7713 (3-week high) and 0.7736 (Sept 8 high). On the flip side, the immediate support located at 0.7659/53 (5 & 10-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7608 (50-DMA) and below that at 0.7554 (100-DMA).