AUD session outlook
Obviously the rate decision is the big risk event today and I’d expect the market to stay relatively quiet ahead of that. AUD/JPY is the pair most likely to move sharply, with prime broker reports suggesting that there have been big build ups in carry trade longs over the last few weeks. I’d expect that there will be plenty of stops now below short-term technical support at 85.20. Resistance in the cross should be very solid near 86.20.
AUD/USD looks like it should stay between 1.0390/1.0440 pre-RBA.