AUDUSD ahead of the RBA interest rate announcement

The AUDUSD is holding onto the gains from the rally in the previous European and US sessions after the fall in the USD. With the cash rate coming out in 30 mins, the RBA is expected to keep rates on hold at 0.75% and with the recent current account data coming out better than expected, buyers may be willing to hold longs into the US session. Of course there will be some initial volatility as traders jostle for positions, but generally, expectations are already factored in to the price. Any significant move will be triggered from the RBA statement on future rate expectations but expect a 'wait and see' tone. Expect to see a test up to 0.6833 after the number.

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