Price falls below the 100-hour MA
Sellers are looking to regain control in the pair once again, with price falling back under the 0.7400 handle - which has proved tough to break following Friday's payrolls - and now it has fallen back below the 100-hour MA (red line) @ 0.7397 as well.
The range today remains tepid but it's a sign that sellers aren't giving up their position just yet.
Focus for the aussie is now on the RBA meeting tomorrow but I reckon more so on Lowe's speech on Wednesday as well as the quarterly statement on monetary policy that will be released on Friday.
The RBA isn't expected to produce any fireworks - yet again - in tomorrow's meeting as they are surely going to hold the cash rate steady and send out the same message they did in July here. Given that, it won't change the AUD/USD picture all too much.
As for Lowe's speech, he is due to speak on 'Demographics and recent monetary policy' so there could be some hints on what he feels/thinks of the cash rate direction for the RBA. I wouldn't keep my hopes up for anything substantial though.
With the dollar index still holding steady above 95.00 and the aussie looking like it's going nowhere, the larger picture still points to potential further weakness in AUD/USD. The only advice is to pick your levels wisely as well as define and limit your risks.
Price at current levels present a good opportunity to do that. The only real risk is further escalation in the trade war which could hurt the dollar a little (but a risk off move would also hurt the aussie, so there's that) depending on how the market perceives things.