AUD/USD trading into familiar support ahead of BoJ Friday

• The Aussie is holding off on further losses ahead of a high-impact Friday.
• US GDP, BoJ figures to inject some life into Friday's markets.

The AUD/USD is still trading into the low side of action, in play near 0.7550.

AUD/USD analysis: still headed to 0.7500 critical support

The recent downside move in the AUD/USD has definitely decelerated, and the pair is struggling near recent support as the market heads into a Friday that features US GDP prelim figures at 12:30 GMT, which promises to move markets to cap off a decidedly one-sided week. Before that will be BoJ Friday, with the Bank of Japan (BoJ) hitting markets with a slew of macro data, but the critical figure to watch will undoubtedly be the BoJ's Rate Decision and subsequent Press Conference. While the BoJ is staunchly buried within their hyper-easy monetary policy and unlikely to budge on rates any time soon, traders will still be looking for hints about the BOJ's movement in the future where potential policy tightening might be concerned, as markets anticipate that the Japanese central bank may have to abandon its 2% inflation target and begin walking back their record-breaking policy.

On the Aussie docket will be Q1 PPI figures at 01:30 GMT, which is unlikely to move the AUD much, but the expectations for production industry prices is telling of the slack in the Australian economy, with the QoQ PPI expected to come in at 0.4%, a decline from the previous reading of 0.6%.

AUD/USD Levels to watch

As noted by FXStreet's own Valeria Bednarik, "the 4 hours chart for the pair shows that the 20 SMA maintains a strong downward slope, acting now as a dynamic resistance around 0.7580, while technical indicators remain directionless within negative territory. The pair has a relevant support at 0.7500, where it found a bottom back in December, with a break below it opening doors for a steeper decline down to 0.7250 for the following weeks."

Support levels: 0.7545 0.7500 0.7470

Resistance levels: 0.7580 0.7620 0.7660