The Australian dollar weakened against other major currencies in the Asian session on Tuesday amid oil prices slide, as investors turned cautious ahead of an OPEC meeting on production cuts, due on Wednesday.

Crude oil prices for January delivery is currently down 0.29 percent or $46.79 per barrel.

The oil extended Friday's losses after Saudi Arabia backed out of the non-OPEC meeting slated for Monday.

Meanwhile, Iraq and Iran also raised objections with OPEC officials over curbing output, referring the issue to ministers for further consideration.

However, it is still possible for the cartel to clinch a final agreement about how to share the burden of supply cuts implied by the preliminary output accord agreed by ministers in September.

Monday, the Australian dollar showed mixed trading against its major rivals. While the aussie rose against the U.S. dollar, the euro, and the Canadian dollar, it fell against the yen and the NZ dollar.

In the Asian trading, the Australian dollar fell to 0.7458 against the U.S. dollar, from an early near 2-week high of 0.7497. The aussie may test support around the 0.73 area.

Against the euro and the yen, the aussie dropped to 1.4202 and 83.61 from yesterday's closing quotes of 1.4181 and 83.73, respectively. If the aussie extends its downtrend, it is likely to find support around 1.45 against the euro and 81.00 against the yen.

Against the Canadian and New Zealand dollars, the aussie edged down to 1.0017 and 1.0547 from yesterday's closing quotes of 1.0007 and 1.0575, respectively. On the downside, 0.98 against the loonie and 1.04 against the kiwi are seen as the next support level for the aussie.

Looking ahead, the German import price index for October is due to be released in the pre-European session at 2:00 am ET.

At 4:30 am ET, U.K. mortgage approvals for October and M4 money supply data for September and Eurozone business climate index for November are slated for release.

In the New York session, preliminary German CPI data for November, Canada current account data for the third quarter, U.S. second estimate GDP data for the third quarter, U.S. S&P Case-Shiller home price index for September, and U.S. consumer confidence index for November are set to be published.

At 9:15 am ET, Federal Reserve Bank of New York President William Dudley is expected to speak about the opportunities for economic growth, in Puerto Rico.

At 12:40 pm ET, Federal Reserve Governor Jerome Powell is expected to speak about the economic outlook at the Economic Club of Indiana Luncheon, in Indianapolis.

AUD vs US Dollar (FX:AUDUSD)
Forex Chart
From Feb 2024 to Mar 2024 Click Here for more AUD vs US Dollar Charts.
AUD vs US Dollar (FX:AUDUSD)
Forex Chart
From Mar 2023 to Mar 2024 Click Here for more AUD vs US Dollar Charts.