AUD/USD: Under pressure ahead of RBA - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted and explained the AUD/USD pair traded under broad pressure all of this Monday.

Key Quotes:

"Investors speculate the RBA can cut rates during the upcoming Asian session. The pair has been unable to fill the weekly opening gap at 0.7807, and the 1 hour chart shows that the 20 SMA capped the upside in the short term, maintaining a bearish slope ahead of Asian opening, while the Momentum indicator heads slightly lower around 100 and the RSI hovers around 42."

"In the 4 hours chart the 20 SMA maintains a bearish slope above the current level, while the Momentum aims higher below 100 and the RSI indicator presents a bearish slope around 40. The upcoming price action will depend on the RBA decision with an on-hold decision probably helping the pair to fill the mentioned weekly opening gap, and a rate cut favoring a decline below the 0.7700 level."