Australian dollar sits near two-week high ahead of RBA decision

Author: Adam Button | Category: News

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.
AUD/USD jumped on Monday
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.
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