AUD/USD bears trying to take control to test 0.7404

• AUD/USD bears are trying to take control to test 0.7400 commitments. 
• Key data this week will be critical for AUD/USD traders. 

AUD/USD is flat on the day as pressures mount below the overnight highs near 0.7430. The price has fallen some 0.22% in Asia on Tuesday as the higher yielders give way to less hawkish central bank sentiment. At the time of writing, AUD/USD is trading at 0.7410 and has fallen from a high of 0.7423 to a low of 0.7404. 

''Australian bonds took trend from global price action as domestic markets continue to adjust to a dovish RBA after the SoMP showed that the RBA still believes there’s a long way to go before rate hike conditions are met,'' analysts at Westpac explained. ''3yr government bond yields (futures) rose from 1.05% to 1.07%, and 10yr government bond yields (futures) rose from 1.77% to 1.81%.''

Fed officials in focus

Meanwhile, staying with the theme of rates and central banks, markets were taking in comments from Federal Reserve officials overnight. Fed speakers included Vice-Chair Richard Clarida, who saw rate-hike conditions being met by the end of 2022. In other speakers, St. Louis’s Bullard acknowledged his own dot plot was for two hikes in 2022. Philadelphia’s Harker was prepared to take action if necessary while Chicago’s Evans said he expects no rate hike before 2023.

Meanwhile, Australia’s data calendar was empty to start the week, but traders will be looking ahead to two key data events, one of which is the Australian jobs data on Thursday and the other, before that, is the US Consumer Price Index.