AUD/USD flubs the correction, falls back into 0.75

• Waffling Aussie looks to China trade data to provide a floor.
• Australian Retail Sales today already expected to disappoint.

The AUD/USD knocked lower on Monday, and the pair is trading back into the 0.7500 level after failing to develop any legs on the recovery against the Greenback.

The USD is consolidating somewhat after a stellar run against the broader fx market, but the Aussie is still struggling to stage a meaningful correction from the pair's recent bottom of 0.7472.

Tuesday brings Australian Retail Sales at 01:30 GMT, and the headline figure is expected to contract from 0.6% to 0.3%. Australian data has been a sluggish, disappointing affair, and the Reserve Bank of Australia (RBA) is capped on interest rates until well into 2019. Chinese trade data expected sometime in Tuesday's Asia session could provide some support for the Aussie if the figures manage to beat expectations, but the AUD is still on the weak side as widening interest rate differentials take their toll on the Australian currency.

AUD/USD levels to watch

FXStreet's Valeria Bednarik, on the pair's flubbing corrective stance: "technically, the pair has held below the 23.6% retracement of its latest daily slump at 0.7550,  holding on to a neutral stance ahead of the Asian opening, as it hovers around a directionless 20 SMA, while technical indicators aim modestly higher within neutral territory."

Support levels: 0.7500 0.7470 0.7430

Resistance levels: 0.7550 0.7590 0.7620