AUDUSD Chart in Art Display Ahead of RBA Monetary Meeting

Posted by Adegbotolu Kehinde Erastus -
Scope Markets

The Aussie dollar breaks out from a head and shoulder pattern suggests that price will likely see more pressure to the downside. However, the AUDUSD chart seemed to bounce from a support level of a falling wedge after Friday’s NFP data release failed to boost the US dollar. With the price currently aiming for the 0.7600 resistance level, one major event that will be in focus is the RBA rate statement.

With no interest rate changes expected from the Australian Central Bank, traders will be looking for guidance from RBA policymakers regarding its bond purchase programme.

AUDUSD chart technical outlook

Going into Tuesday’s major economic event, AUDUSD is already gaining momentum towards a resistance level at 0.7600. A hawkish RBA could add the much-needed catalyst for the price to go above the near-term resistance with a bigger picture of a falling wedge in play.

AUD/USD chart, July 05, 2021 Scope Markets
AUDUSD daily chart
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