AUD/USD: Looking correction downside towards support 0.7225$ ahead RBA Meeting

RBA meeting will be optimistic and neutral

M.Ali Zah All My Pips

AUDUSD Technical holing multi-month high Resistance 0.7380 and price could stay 0.7380-0.7440 range before RBA meeting tomorrow. The first significant support is the MACD line at 0.7290, and furthermore, just below it is the technical record level of 0.7222, the 0.7222/52 range is likely to become a target. The Reserve Bank of Australia will hold a meeting tomorrow, which may shake up All AUD, Mostly chance price stays sideways or bearish comments.

Dollar index:
The US dollar index fell in today's Asian session, updating multi-month lows. Low demand for the greenback is inertial. 91.50 Huge support level for $index and expecting some correction upside coming days.

Reserve Bank of Australia Meeting:
Most likely, the results of tomorrow's RBA meeting will be optimistic and neutral. The central bank may allow the easing of monetary policy, but this warning will only be in the form of a standard phrase in an accompanying statement (that the central bank will maintain its current policy and, if necessary, expand the bond purchase program). Such wording is unlikely to frighten investors, especially given the growth of key indicators. Therefore, with a high degree of probability, the Aussie will continue to rise OR SIDEWAYS against the greenback tomorrow 0.7380-0.7440 range MAX, If Any solid dovish comment or more Rate cut could send AUD under big pressure.

SUPPORT/RESISTANCE
✅S1= 0.7290
✅S2=0.7225
✴️R1=0.7360
✴️R2=0.7440

Author

M.Ali Zah

All My Pips

M.Ali has 10 years of experience in analysing and covering the global markets, with specialization in Forex and commodities markets.

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