Pair trades between 0.66797 below and 0.67068
The AUDUSD is looking for a shove.
Looking at the hourly chart above, the pair has been trading between 0.66797 and 0.67068 over the last day and a 1/2. Over that time. There have been a number of tests of the lower extreme and upper extreme (see green and red circled numbers). We are currently near the low area after testing the high area few hours ago.
A shove below the extreme at 0.66797 should solicit more selling momentum, but keep in mind the 2019 low price reached 0.66714. So a move below that level will also be eyed (see daily chart below).
Should support hold a move higher, the 38.2% retracement of the move down from last week's trading range comes in at 0.67167 followed by the falling 100 hour moving average at 0.67237. The price has not traded above its 100 hour moving average since January 23 (see the blue line on the hourly chart above).
The RBA interest rate decision will be made in the new trading day (10:30 PM ET/0330 GMT). The expectations are only for a 20% chance of a cut. In March the percentage goes up to around 60%. Eamonn has posted some previews from various local analysts.
