The AUDUSD may come under more pressure if the RBA turn dovish

Currency Analysis AUDUSD

Time Frame : 1 Hour Chart

AUDUSD

The AUDUSD has pushed down off highs around 0.7131 from yesterday coming into the RBA rate statement at 2:30pm AEDT today. We expect that a lot has been factored into the currency if the RBA keep a ‘neutral’ stance and we would expect to see a washout of minor support and resistance with a spike in short term volatility. If the RBA come out with a more dovish tone (ie rates to come under pressure and a potential rate cut) thats where things could get interesting and then we would expect a sharp move lower as traders reposition themselves on the short side. Expectations are for rates to be left on hold at 1.50%.

FX Pair : AUDUSD

Current Price : 0.7103

Status : On watch for a spike in volatility