AUD/USD waiting for RBA; will we see a surprise cut?

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.7081 with a high of 0.7091 and a low of 0.7077.

AUD/USD is now awaiting the RBA rate decision> today. The price has stabilized after a choppy ascent falling shy of the 0.71 handle with risk returning to the scene.

European markets were up 3% while Wall Street followed suit in a risk-on environment overnight, with the S&P 500 finishing up around 1.8%. Commodities were also picked up by investors with copper up 1.4%. The Nonfarm Payrolls has instigated a new environment where doubts have been cast over whether the Fed can hike rates this year and exposes the upside in the Aussie.

AUD/USD levels

Technically, AUD/USD remains in the bearish trend and contained by the 50 DMA on the upside, currently trading at 0.7164. A break on to the 0.72 handle would alleviate some pressures until 0.76 as the key resistance and downtrend from June’s business. On a continued bearish theme, below the recent lows lies the September lows of 0.6940 ahead of 0.6905 and the 2004 low at 0.6774.
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Source:: FX Street