• AUD/USD held steady on Tuesday as investors focus shifted to upcoming Australian and US economic releases and the Reserve Bank of Australia’s (RBA) policy stance.
•Markets will focus on upcoming Australian economic data. Australia’s Q2 current-account figures are due Tuesday, followed by Q2 real GDP on Wednesday, with economists expecting quarterly growth of around 0.3%
•Key U.S. data this week include job openings, the ADP employment report and nonfarm payrolls data that will be scrutinised for clues on labour market health and the interest rate outlook.
•Markets now imply a 54% chance the Reserve Bank of Australia will hike rates a quarter point to 4.60% at its meeting on September 29, compared with just 10% a week earlier.
• Immediate resistance is located at 0.7195(38.2%fib), any close above will push the pair towards 0.7217(Higher BB).
• Support is seen at 0.7131(50%fib) and break below could take the pair towards 0.7113 (SMA 20 ).
Recommendation: Good to buy around 0.7150, with stop loss of 0.7100 and target price of 0.7220
