AUDUSD remains well bid after Friday’s strong showing against the US Dollar. The AUDUSD is underpinned by expectations of a hawkish statement bias by the RBA at their meeting tomorrow, even though its widely expected that they will keep rates on hold. However, the view in the market is that the RBA will raise rates by the end of this year.

Support on the day is at 8390 with resistance still up at 8470-80 area. A break above 85c will see some seriousmodel fund buying.