AUD/USD unable to hold above 0.7600 ahead of the RBA

AUD/USD  is about to end Monday with modest gains ahead of the decision of the Reserve Bank of Australia. The pair peaked on Monday at 0.7605, below Friday’s highs and the pulled back trimming gains.

The aussie failed to hold above 0.7600 and pulled back. It was trading at 0.7580/85, less than 20 pips above Friday’s closing price headed toward the fourth daily gain in a row supported by a decline of the US dollar across the board.

Trading remained subdued during the last hours, as US markets remain closed in observance of the Labor Day. Volatility could start rising on Tuesday in the AUD/USD pair, particularly closer to 04:30 GMT, when the RBA will announce its decision on monetary policy. According to market consensus, the central bank will keep rates unchanged at 1.50%.

AUD/USD levels to watch

Regarding technical levels, immediate supports could be seen at 0.7575 (American session low), 0.7560 (daily low), 0.7535 (Sep 2 low) and 0.7490/95 (100-day SMA). On the flip side, resistance could be seen at  0.7615 (Sep 2 high), 0.7690 (Aug 26 high) and 0.7720/25 (Aug 12 & 18 high).