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A few thoughts on trading AUD/USD ahead of RBA rate decision at 0:30 EDT
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**Summary**
- The recent RBA rate hikes are gaining traction, but the central bank needs to remain hawkish on inflation. There is an outside chance the RBA may start preparing the market for a rate hike by the end of the year, but AUD/USD should find solid support ahead of 0.9500. Speculative selling at 0.9600 is expected to cap the pair's upside. With Q1 GDP data due to be released tomorrow, it seems unlikely that the market will push AUD/USD outside of the 0.9500/0.9600 range. Assuming that AUD/USD support holds ahead of 0.9500, AUD/USD may be a good short-term play if market sells off in a knee-jerk reaction to any dovish RBA commentary. Nevertheless, the consensus seems to be that Q1... Full Story |
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Submitted Jun 2, 2008 7:38pm
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