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Forex: AUD/USD awaits RBA below 1.0250

FXstreet.com (Barcelona) - Big day ahead for the Aussie with plenty of data, including the RBA rate statement at 04:30 GMT. AUD/USD is last trading at 1.0249, off fresh session lows printed in early NY trade at key support level 1.0222. The pair is down -0.68% for the week so far, with "Big hedge funds were sellers again in overnight trade,” reported FXWW founder Sean Lee. “Some of the big macro funds have been consistently selling AUD/USD over the last few months,” he adds. “Looks like they are getting more confident that a rate cut is coming!," says Sean.

As Adam Button points out, analyst at ForexLive: "No change in the tone of the statement would erase the 60-pip decline on Monday and could set AUD on a path toward last week's high. If the RBA holds but is more dovish, indicating a cut next month, a rally might quickly fade," he anticipates. AUD/USD has already held above the 1.0220 level several times in last 2 weeks, being also a major ascending trendline coming from June last year lows around the 0.96 level.

Immediate support to the downside for AUD/USD lies at key area 1.0222, followed by March 11 lows at 1.0200 round, and Feb 27 lows at 1.0178. To the upside, closest resistance shows at April 18/26 lows 1.0266, followed by April 16 lows at 1.0291, and yesterday's/Friday's highs at 1.0323.

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