AUD/USD ignores RBA’s Stevens, hovers below 0.77 handle

AUD/USD pair remains on the front foot near 0.77 handle as comments from Reserve Bank of Australia (RBA) governor Stevens offered no dovish surprises.

Calling for more fiscal action

RBA’s Stevens is the latest central banker to state that monetary policy alone cannot simply dial up the economic growth and asked governments to do more. Overall, it appears the governor is in favor of a slower rate cut path supported by fiscal stimulus.

However, the statements lacked fire that could move AUD/USD pair. The spot was last seen trading around 0.7694 levels. With no major data due for release, the spot remains at the mercy of the overall market sentiment.

AUD/USD Technical Levels

A breakdown of support at 0.7672 (76.4% of 0.7835-0.7145) would open doors for a drop to 0.7621 levels (June 23 high). Further losses could run into support at 0.7586 (daily rising trend line support). On the higher side, resistance at 0.7707 (daily high) if breached could yield a re-test of 0.7723 (Mar 31 high). A violation there would expose 0.78 (zero figure).