AUD/USD: RBA today and I prefer to be long
- The RBA will be steady as she goes with no change in policy or statement language, although there is a risk that, with the AUD/USD at more acceptable levels, the language may change subtly to start signalling a rate rise next year;
- The market is short AUD/USD and sentiment is bearish;
- Important technical support levels near .8650 have been confirmed.
I prefer the long side but we still need to pick our levels carefully. I’m looking for a wide .8700/.8820 range today and I’m in dip-buying mode.