AUD/USD is licking its wounds after a heavy bout of supply on the back of the slide in European and American stocks that dropped along with the price of oil, dragging the Aussie right down to 0.7491 the low. AUD/USD Risk towards 0.78 multi week - Westpac Meanwhile, the pressure is on for the Aussie as optimism has cooled somewhat, as noted by analysts at Westpac. "Australia's Feb retail sales data (flat) didn't help AUD's cause, but the key event was of course the RBA Board meeting, which offered mixed news for the Aussie...low inflation still provides “scope for easier policy”... the RBA dropped the neutral language on AUD that was used from Aug 2015 to Mar 2016...Governor Stevens warns that further AUD gains could “complicate” the adjustment to the end of the mining investment boom. Pricing for a May rate cut is a wary 35% but this could push towards 50/50 if next Thursday's jobs data disappoints." AUD/USD levels Karen Jones, chief analyst at Commerzbank argued that attention has reverted to support, namely 0.7477, last week's low, and 0.7416 (16th March low). "The October and November highs lie at 0.7384/81." For more information, read our latest forex news.