AUD: Don’t expect any surprises from the RBA today
The big week of central bank meetings kicks off today with the RBA. This is probably the most predictable of all meetings with no change in policy warranted and statement language also likely to stay steady.
I’m still in the buy-dip camp on the AUD/USD on most time frames. Last week’s price action at .9270 suggested to me that the topside is more vulnerable. Whether the subsequent bounce has alleviated this ‘over-sold’ sense remains to be seen.
On a more medium-term time-scale I am still hopeful of re-entering longs close to .9150. One needs infinite patience to trade these markets!
Elsewhere, AUD/NZD has done its usual sideways act after a big move. I’d expect 1.1050/1.1200 to continue to corral prices for now.