AUD still edging lower into RBA

The AUD/USD is a bit tricky to trade at the moment with a strong downtrend in control but last night’s price action suggesting that a retracement might be getting started.
Add in to the mix the minor risk event that is the RBA 🙂 and we are certainly left with a conundrum.

I’m thinking that an unexpected 25 bps cut would see the AUD/USD back below .9650 and that ‘no change’ will see a mild relief rally towards .9775/85.

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