The AUDUSD is testing a cluster of support between 0.6775 and 0.6782. The area has a rising trend line, the rising 100 hour moving average (blue line in the chart above) and a swing area between 0.6778 and 0.6782. A move below the area would increase the short-term bearish bias. Traders would then look toward the 38.2% retracement of the move up from the November 21 low and the rising 200 hour moving average (green line in the chart above). Both those levels come in at 0.6747.
Hold support against the area, and the buyers hold onto control. The closest hurdle - that would give the support focused buyers some comfort - would be a move back above the close from Friday at 0.6793. Above that - and the natural resistance at 0.6800 - and the highs from last Thursday (0.6842) and Friday (0.6835) and earlier today (0.6850) would be upside targets.
The RBA is expected to raise rates by 25 basis points when they announce their decision at 10:30 PM ET.
