AUD/USD consolidates at 1-week highs, near 0.7500

The Australian dollar is rising against the US dollar for the second day in a row. During the last hours, AUD/USD has been consolidating gains, near the 0.7500 handle, moving sideways. On Tuesday, the Reserve Bank of Australia (RBA) will announce its decision on monetary policy. Most analysts expect the RBA to keep the rate unchanged at 1.50%.

The pair climbed today during the European session to 0.7485, reaching the highest level since May 24. Then it pulled back modestly, finding support at 0.7465. During the American session, it has been trading within the range 0.7465-0.7485, consolidating above last week highs. 

Technical levels 

The Aussie started to rise on Friday, after the US employment report that triggered a decline of the US dollar across the board. Since then, AUD/USD gained more than a hundred pips. Price is back above the 20-day moving average that stands at 0.7425. To the upside, resistance levels might be located at 0.7500, 0.7515 (May 23 & 25 high) and 0.7550/55 (May highs). 

A decline under 0.7460 could weaken the pair in the short-term. Below here support could be seen at 0.7415 (May 30 low), 0.7385 (May 17 low) and 0.7365/70 (last week low).