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AUD/USD drifting to 0.9340

FXStreet (Edinburgh) - The Aussie dollar is now coming down from intraday peaks near 0.9350, taking the AUD/USD to the 0.9340/35 band.

AUD/USD capped by 0.9370

The RBA will hold its monetary policy meeting tomorrow, although market consensus expects the central bank to leave the refi rate unchanged at 2.5% and repeat the neutral tone from last meetings. According to Emmanuel Ng, FX Strategist at OCBC Bank, “we think the market preference for carry may remain in force with leveraged net AUD longs in the latest week growing in the latest week. Ahead of the RBA tomorrow, expect the pair to be negatively buoyant within 0.9270-0.9370”.

AUD/USD levels to watch

At the moment the pair is up 0.01% at 0.9340 with the next resistance at 0.9376 (high Aug.6) followed by the psychological level at 0.9400. On the downside, a break below 0.9300 (low Aug.27) would expose 0.9272 (low Aug.26) and then 0.9235 (low Aug.21).

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