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AUD/USD bearish ahead of RBA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet, explained that the Australian dollar extended its losses against the greenback below 0.8700, maintaining a bearish tone ahead of RBA economic policy meeting.

Key Quotes:

“The Australian Central Bank is not expected to introduce changes in its economic view, and if something, Governor Stevens will likely remain supportive of a cheaper Aussie”.

“The short term picture is strongly bearish with 20 SMA heading lower above current price and indicators also pointing south well into negative territory”.

“In the 4 hours chart technical readings also present a strong bearish tone, looking for a probable test of critical support at 0.8640, base of the latest daily range”.

“Below it stops are suspected to be large, and if triggered, the pair will likely accelerate south towards the 0.8550 price zone”.

Expect little material change to RBA’s forecast profile - Deutsche Bank

According to Deutsche Bank, the central expectation for today's RBA is that the Bank’s forecasts and policy assessment will remain unchanged from previous releases.
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