AUD/USD is in a big band of resistance here, stretching from 1.085 to 1.0215.

Sources are indicating some stops above 1.0205 but larger above 1.0215. Dealers reports sellers then in again above 1.0225.

Downside – 1.0155/65 is initial buyer support today. Indications are of buying building towards yesterday’s lows ahead of 1.0120.

The next event on the horizon for AUD is the retail sales data at 0030GMT (market expects +0.4% m/m), which will be closely watched. Also at 0030GMT is the current account figure.

The big event for today is, of course, the result of the RBA policy meeting at 0330GMT. Note to traders – be very, very wary of leaving resting orders in the market at this time, it can get chaotic.