AUD/USD: trading on the RBA meeting

AUD/USD: trading on the RBA meeting

Information is not investment advice

The Reserve Bank of Australia is expected to cut its Cash Rate from 1.25% to 1% on Tuesday, July 2. Analysts think that this rate cut won’t be the last. As a result, the risks for the AUD are negative. 

AUD/USD ran into the 100-day MA at 0.7033. The downtrend resistance line connecting the highs of 2018 and 2018 is also not far from this level strengthening the resistance. The pair formed a bearish engulfing pattern on H4 and will likely drift further down to the 0.6950/40 area and probably lower, to 0.6900. 

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Levels for trading USD/CAD

To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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