AUD/USD fighting to maintain ground above 0.74

• The Aussie is trying to shake off bearish sentiment, sticking close to the week's highs despite thin momentum.
• China data due data is the last barrier before Friday's RBA showing.

The AUD/USD is trading near Wednesday's highs, testing near 0.7440 after a mild dump into 0.7400 at the tail-end of Wednesday's trading.

The Aussie is stabilizing after a brief knock-on run lower after the Reserve Bank of New Zealand (RBNZ) pushed out expectations of a rate hike to beyond 2020, and the AUD temporarily followed the Kiwi lower against the USD, though Aussie bulls were able to quickly fade the move and bring the AUD/USD back into the week's current highs.

The Reserve Bank of Australia (RBA) is still due this week with their latest Monetary Policy Statement due early Friday at 01:30 GMT, but with the central bank recently celebrating their second anniversary of making no policy adjustments, little of note is expected to be within the report. China will be dropping their CPI and PPI figures Thursday at 01:30 GMT, which Aussie traders will be keeping an eye on with AUD-focused data light for today.

AUD/USD levels to watch

Short-selling in the Aussie-Dollar pairing appears to have reached an impasse, and as FXStreet's own Valeria Bednarik noted, Aussie longs have been stepping up to the plate recently: "the sharp recovery suggests that bulls are willing to challenge bears' determination right above the current level, and technical readings in the 4 hours chart support so, as indicators resumed their declines after nearing their midlines, while the pair settled firmly above a bullish 20 SMA, which advances above the larger ones. The key is still 0.7483, July high, as sellers will likely give up on a break above this last."

Support levels: 0.7400 0.7370 0.7330  

Resistance levels: 0.7445 0.7485 0.7520