The RBA will be announcing its rate decision later tonight/tomorrow in Australia. The expectation is for no change in policy. Focus will be on what is ahead for the central bank
Technically, the price high reached 0.66184 in the early Asian session. That took the price to the low of a swing area between 0.66189 to 0.66277. The 200-day MA is at the high of that swing area at 0.66277. Holding resistance against that area increases the areas importance going forward. A move above that level will target the 50% of the range since the August low. That level is also joined by the 100 bar MA on the 4-hour chart.
Move above that level and traders will be looking toward the key 100-day MA at 0.6692.
The price did move lower after peaking and has moved back down toward the 61.8% of the same trading range (from the August low). Admittedly, last week the price traded above and below that retracement level without much respect from a technical perspective. Nevertheless if the price were to move below, it would add to the negative bias. Move below that level,, and swing low from August 15 at 0.6562, followed by the low from last week at 0.6537 targeted. A swing area between 0.6471 and 0.6486 would be other targets.
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AUDUSD Technical Analysis
Rate Decision Preview
RBA rate decision tonight/tomorrow; no policy change expected.
Current Market Situation
Price reached 0.66184 in early Asian session, testing swing area resistance (0.66189-0.66277).
Key Levels
Resistance:
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0.66277 (200-day MA, swing area high)
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0.6692 (100-day MA, key resistance)
Support:
Near-Term Outlook
Holding resistance at 0.66277 increases its importance.
Breakout Targets
Upside:
Downside:
A move above 0.66277 targets 0.6692, while a break below 0.6537 opens up downside targets.