AUDUSD is in a really nice channel where price is respecting both the limits of the channel. AUD/USD steady around 0.7540 ahead of the RBA monetary policy
• The Australian dollar broke above the 0.7540 resistance level, unsuccessfully tested four times.
• The Reserve Bank of Australia (RBA) is expected to keep rates unchanged.
• Market players expect the central banks rhetoric, any hawkish tilt or hints, would push the AUD/USD higher.
• AUD/USD Price Forecast: Upward biased, and a break above 0.7600 could pave the way for further gains.
Dollar will be in focus to kick off the Asia-Pacific trading week as Chinese CPI data approaches. AUD/USD hit a fresh 2022 high last week but subsequently surrendered those gains and turned lower as market sentiment deteriorated.
The Australian dollar advanced on Monday, ahead of Tuesdays Reserve Bank of Australia monetary policy decision, amidst an upbeat market mood. Portraying the aforementioned, were US equities rallying, while Asian futures point to a higher open. The AUD/USD is trading at 0.7544, near YTD new highs.
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