AUD/USD mildly positive at 0.7545

Having faced rejection from the vicinity of 50-day SMA on Monday, the AUD/USD pair traded with mild positive bias but was confined in a narrow range just below 0.7550 level.

The greenback retreated further as investors scale back expectations for a rate-hike move from the Fed this week, thus boosting demand for higher-yielding currencies - like Aussie. Today's release of minutes from RBA's latest monetary policy, which raised concerns over the economic implication of a stronger Australian Dollar, did little to attract any fresh selling pressure and the pair held above a previous resistance, now turned immediate support, near 0.7530-25 area. 

On the economic data front, housing starts and building permits will be released during NA trading session on Tuesday, while key focus would remain on the upcoming central bank monetary policy decisions from the Fed and BOJ on Wednesday.

Technical levels to watch

Immediate resistance is pegged at 0.7565-70 area, followed by 0.7580 (50-day SMA), above which the pair seems all set to head back towards 0.7635 strong resistance area. On the downside, support is seen at 0.7530-25 zone, which if broken is likely to drag the pair back towards 100-day SMA support near 0.7480-75 region.