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Aussie failed to generate bullish momentum on the first day of the week though there were no major data releases from Australia and USA yesterday. Pair has some amount of support around 0.74 handle where bears drove the pair back as the Aussie retraced almost 50% of its last leg higher started last Thursday.

If AUD/USD bulls fail to support the market near 0.7400 a retest of the 0.7380 former congestion zone can be on the cards. Next resistive points are at 0.7450 and 0.7480 level. Long term looking we would be bearish for this pair.

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