AUD/USD holds steady ahead of Powell’s speech, as technicals suggest further downside

AUD/USD registered minuscule losses on Tuesday but finished Monday’s session on the green, gained 0.19% but remained within familiar levels as traders

China’s PboC rate cut and urging for increased loans signal efforts to bolster the slowing economy.

Technicals hint at a potential upside, with key resistance levels at 0.6429, 0.6500, and 0.6550 in focus.registered minuscule losses on Tuesday but finished Monday’s session on the green, gained 0.19% but remained within familiar levels as traders await the US Federal Reserve Chair Jerome Powell’s speech. The AUD/USD is trading at 0.6410, down 0.05%, as Tuesday’s Asian session begins.

Risk appetite improvement bolstered the Australian Dollar against the US Dollar . Monday’s Asian session developments, like the People’s Bank of China slashing its one-year Loan Prime Rate from 3.55% to 3.45%, amidst an ongoing economic slowdown. In fact, central bank officials and government regulators suggested that Chinese banks will need to boost loans to support China’s recovery.

Upcoming economic data would help AUD/USD traders assess economic conditions in both countries. The Australian economic agenda would feature PMIs, alongside Building Permits and Inflation for July. Upticks on inflation would open the door for a possible rate hike. On the US front, the docket would feature Existing Home Sales, Fed speakers,

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