AUD/USD hangs near multi-month lows ahead of RBA’s Lowe

   •  Weighed down by dovish RBA meeting minutes.
   •  Weaker US bond yields help limit deeper losses.
   •  Focus shifts to RBA Lowe’s scheduled speech.

The AUD/USD pair traded with a mildly negative bias for the fifth consecutive session and refreshed multi-month lows on Tuesday. 

The pair came under some renewed selling pressure following a dovish assessment of the latest RBA monetary policy meeting minutes, which painted a downbeat picture for wage inflation.

The downside, however, remained cushioned amid weaker US Treasury bond yields, which tends support higher-yielding currencies - like the Aussie, and subdued US Dollar price action.

The pair now seems to have stabilized around the 0.7540 region, as traders now look forward to the RBA governor Lowe's speech about recent developments in the Australian and global economy at the Australian Business Economists Annual Dinner, in Sydney. 

Later during the NA session, the release of existing home sales data from the US would also be looked upon for some short-term trading impetus.

Technical levels to watch

A follow-through selling pressure has the potential to continue dragging the pair towards the key 0.75 psychological mark en-route its next support near the 0.7475-70 region.

On the upside, 0.7560 level now seems to have emerged as an immediate hurdle, above which a bout of short-covering could lift the pair back towards the 0.7600 handle.