Australian dollar sits near two-week high ahead of RBA decision
AUD/USD jumped on Monday
The Australian dollar rallied Monday in a broad USD selloff and went from a six-week low to a two-week high.
The jump relieves some minor oversold conditions and sets the pair up in the middle of its one-month range ahead of the decision.
In the longer-term there is a clear two-year downtrend in this chart but over the past four months it's showed signs of life with some higher lows beginning to for from the October low.
It's premature to pick a bottom but if the RBA signals today that it's increasingly comfortable on the sidelines, then this could be the start of a big turn, or at least some flattening near the lows.