AUD/USD levels ahead of the RBA monetary policy decision

AUD/USD is sitting between the two key hourly moving averages

Near-term bias remains undefined in such a case as buyers and sellers still battle it out - but within a narrow range. The 100-hour MA (red line) is at 0.7388 while the 200-hour MA (blue line) is at 0.7398.

The RBA monetary policy decision/statement later is expected to be largely unchanged to that in July and the majority of the market is expecting a rather non-event to come later. But as always the case, as traders we must be prepared in case of any anomalies.

Apart from the hourly moving averages, here are some other key notable levels to look out for:

Resistance

- 0.7400 (Offers and figure level resistance)

- 0.7412 (3 August high)

- 0.7441 (31 July high)

Support

- 0.7374 (6 August low)

- 0.7355 (2 August low)

- 0.7348 (3 August low)

Resistance and support levels aside, keep an eye on that narrowing wedge (white lines) in the pair. The break of the wedge may not produce a major jolt but it's something worth noting if you're looking for the next trend if the RBA "disappoints" with a non-event.