The Australian dollar has been a steady performer in US trading, climbing about 10 pips and reaching as high as 1.0432. The main risk in the hours ahead is the RBA decision, scheduled for 0330 GMT.
Last week, AUD/USD peaked just below 1.05.
There are minor offers at 1.0440 with more supply at 1.0450/60 and 1.0485/90. More sizable offers, a rumored barrier and stops are at 1.0500.
There are bids ahead of the 200-day moving average, which is at 1.0383 today.
There is chatter the RBA could signal the end of its easing cycle, which would clear the way to 1.0500. The market is pricing in a slim, 8% chance of a cut today and 25 basis points of easing over the next 12 months.
