AUD/USD is trading slightly higher ahead of RBA rate decision on Tuesday. The markets expect a rate cut by RBA for first time since Aug 2013.
The pair is expected to decline further if RBA left its interest rates unchanged.
AUD/USD has broken major support 0.7856 (Jan 25th Low) and reached till 0.7720 (Jul 2009 low) and break below will drag the pair down till 0.76950 in short term.
On the upside minor resistance is around 0.7805 and any break above will target 0.7835/0.7870.
Overall trend reversal only above 0.8050.
The pair’s minor support is around 0.7720 and break below will take the pair to target 0.6950 (0.47750 and 0.60440)/0.6851.
Indicators (1 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy
Recommendation: We prefer neutral waiting for further confirmations from RBA rate decision.
The pair is expected to decline further if RBA left its interest rates unchanged.
AUD/USD has broken major support 0.7856 (Jan 25th Low) and reached till 0.7720 (Jul 2009 low) and break below will drag the pair down till 0.76950 in short term.
On the upside minor resistance is around 0.7805 and any break above will target 0.7835/0.7870.
Overall trend reversal only above 0.8050.
The pair’s minor support is around 0.7720 and break below will take the pair to target 0.6950 (0.47750 and 0.60440)/0.6851.
Indicators (1 Hour chart)
CCI (50) - Buy
CCI (14) - Buy
Ichimoku- Buy
Recommendation: We prefer neutral waiting for further confirmations from RBA rate decision.