Though, there are no major data releases from Australia today, Aussie was pulled back this morning and is currently being traded around 0.7750 area mostly due to fall in commodity prices. Aussie may also have been weakened by mining giant BHP Billiton’s report of weaker profits due to sliding commodity prices.
Chinese traders are still on holiday, but fall in commodity prices is putting extra pressure on Aussie. On Monday, gold fell below $1200, which could be a further drag for Aussie, though Aussie was not pushed higher when commodity prices were up indicating general weakness in the pair.
Pair is likely to find support around 0.7720 and resistance above 0.78 handle during today's session. Later today, markets will be focused on Janet Yellens testimony and CB Consumer Confidence figures.
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