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The RBA is due to release a rate decision, as well as a rate statement early in the Asian session.
The rate is expected to come in unchanged, however speculation favors the downside for the AUD as the RBA has become notorious for it's attempt to jawbone the currency lower.
Looking at AUDUSD, the pair is struggling at 4H Resistance coming in at 0.7147
On the smaller time frames, we can even see a small channel broken, and price retesting. A rejection from current levels can provide a trade setup for positioning ahead of the statement.
The rate is expected to come in unchanged, however speculation favors the downside for the AUD as the RBA has become notorious for it's attempt to jawbone the currency lower.
Looking at AUDUSD, the pair is struggling at 4H Resistance coming in at 0.7147
On the smaller time frames, we can even see a small channel broken, and price retesting. A rejection from current levels can provide a trade setup for positioning ahead of the statement.
15 Min chart - AUDUSD showing upside resistance and channel break
