AUD/USD eyes critical support ahead of RBA decision. The Australian dollar is holding above the 0.7130 key support level within an ascending channel as markets await the Reserve Bank of Australia's monetary policy announcement today. Markets are pricing in a third consecutive 25 basis point rate hike to 4.35%, with Governor Bullock's guidance expected to be crucial for determining future tightening and currency direction. If AUD/USD maintains momentum, upside potential extends toward 0.7200 and beyond. However, downside risks loom if the central bank signals concerns about demand destruction from elevated oil prices, potentially triggering a bearish reversal below the 50-day moving average at 0.7055. Today's RBA decision will be pivotal for forex traders positioning ahead of the policy announcement.
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