AUD/USD dips below 0.7500, tests support area

The Australian dollar has been under mild pressure on Tuesday after the RBA decided to leave rates unchanged at 1.75% as expected and adopted a dovish stance by noting the appreciating currency could complicate the economic adjustment.

AUD/USD initially moved higher and peaked at 0.7544, but then turned lower and it has extended to a low of 0.7475, where the 100-hour SMA offered support in recent dealings. At time of writing, AUD/USD is trading at 0.7480, recording a % loss on the day.

Following a long-weekend in US, investors rejoined markets and so did the risk-off sentiment amid lingering Brexit concerns.

AUD/USD levels to watch

As for technical levels, next supports are seen at 0.7444 (100-day SMA),  0.7370 (Jun 30 low), 0.7322 (Jun 27 low) and 0.7294 (200-day SMA). On the flip side, resistances could be found at 0.7544 (Jul 5 high), 0.7615 (Jun 23 high) and 0.7647 (Jun 24 high).