RBA could cut cash rate to offset high AUD, which added to the selling off in risky assets after divided election results in Italy. The pair is down -0.57% for the week so far, with commodities overall lower as well.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: â€œwith the hourly chart supporting the bearish bias, as price broke below 20 SMA while indicators head south below their midlines,â€ the analyst says, â€œthe 4 hours chart technical outlook is also bearish, yet 1.0220 base of these last daysâ€™ range stands in the way: only a clear break of this last should favor a stronger bearish continuation in the pair,â€ she concludes.
Support levels are found by Valeria at:Â 1.0220, 1.0180 and 1.0150, while resistance levels at: 1.0330, 1.0370 and 1.0410.
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