AUD/USD gains bearish traction, eyes on the 0.7590 support level

The AUD/USD pair fell to a fresh 2020 low of 0.7591 last week, ending it with modest losses below the 0.7700 level. Bears could take their chances in a week where the Reserve Bank of Australia (RBA) is having a monetary policy meeting on Tuesday, Valeria Bednarik, Chief Analyst at FXStreet, briefs.

Key quotes

“On Tuesday, the RBA will have a monetary policy meeting, but little action is expected this time. Australia will later publish the final version on December Retail Sales, and the Services PMI for the same month.”

“The week will end with the US publishing the January Nonfarm Payroll report. The country is expected to have added 85K new jobs in the month, while the unemployment rate is foreseen steady at 6.7%.”

“Supports are located at 0.7640 and 0.7590 with a break below this last exacerbating the slump. The aussie needs to recover beyond 0.7740 to extend its gains towards 0.7815.”