FXstreet.com (San Francisco) - AUD/USD has been consolidating between 1.0600 and 1.0530 since the conclusion of the RBA meeting earlier in the week, but the pair may see more volatile price action today given the anticipated economic data coming out of China and Australia. There’s also the Bank of Japan policy meeting, but the market is expecting no surprises.

“Positive numbers in both, Australia and China, will likely open doors for a retest of the yearly high of 1.0855 set early February for the upcoming weeks,” comments Valeria Bednarik, Chief Analyst at FXstreet.com. In the near-term, Ms. Bednarik says to “Wait for a break above 1.0605 recent high to confirm a continuation rally towards 1.0640 first and 1.0680 later on the day;” support levels noted at 1.0530, 1.0500 and 1.0470.

“The market seems keen to try and pick a top on AUD/USD, especially with the possibility of increased RBA intervention, but the daily chart is showing few signs of topping just yet,” says Sean Lee, Founder of FXWW. “Personally I prefer to wait for a test of stronger technical resistance levels near 1.0700 before trying the contrarian trade. There are stop-loss orders reported above 1.0615 and they will also be a target.” AUD/USD last trades in the 1.0570 area.