The pair holds just below 0.6700 amid a firmer dollar today
From the daily chart, the pair is slowly nudging lower over the past two weeks as price now closes in on support from the 26 August low @ 0.6690 with further support seen around the 7 August low @ 0.6677.
Those will be the two key downside levels to watch out for going into the RBA monetary policy decision at the bottom of the hour.
As for any potential upside retracements, the 100-hour and 200-hour moving averages will be the ones to watch and they currently sit at 0.6728 and 0.6742 respectively. That will be the area where sellers are expected to lean on to keep near-term control.
That said, the RBA is largely expected to keep its cash rate unchanged at 1.00% and the communication should be somewhat similar to its August messaging.
As such, a non-event should see little changes in the price action we're seeing right now - one where the dollar is continuing to flex its muscles against the rest of the major bloc.
