AUD/USD: bearish bias, headed to 0.74 medium term?

Currently, AUD/USD is trading at 0.7957, down -0.14% on the day, having posted a daily high at 0.7976 and low at 0.7954.

AUD/NZD headed to 1.0900? - Westpac

The downside is coming under further pressure and analysts at Westpac suggest that the Aussie is vulnerable to correcting further towards 0.7900 and RBA focussed. 

Yesterday, the RBA left rates on hold and the general sentiment is that the RBA is on hold until at least the end of 2018, but there was nothing in the statement that caused alarm bells for the bulls in respect to the value of the Aussie. Recent Chinses data is also supportive to the Australian currency.  

AUD/USD 1-3 month: 

However, the analysts at Westpac explained that much of AUD/USD's gains have been driven by broad US dollar weakness. "But there has also been a partial recovery in Australia's key commodity prices, after very steep declines in April and May. However, beyond multi-week gains, a firmly on hold RBA is likely to keep a lid on AUD/USD, easing to 0.74 by year-end," suggested the analysts at Westpac. 

AUD/USD levels

AUDUSD: The dailies are looking increasingly toppish

Valeria Bednarik, chief analyst at FXStreet explained that the pair remains within its recent range, presenting a neutral-to-bearish stance short term. "...as in the 4 hours chart, the price is hovering around a horizontal 20 SMA, whilst technical indicators head modestly lower around their mid-lines. The pair would need to break below 0.7935, the immediate support, to extend its decline during the upcoming hours, yet only below 0.7870 the pair will turn bearish, quite unlikely according to current market conditions," noted Bednarik.