What levels to watch for in AUD/USD ahead of the RBA?

<p>The aussie got a decent lift yesterday but the gains weren't too significant as topside was capped by the 200-day moving average (blue line). After the rejection there, we are seeing price fall back now towards the 100-day moving average (red line) at 0.6692 while also keeping below both the 100 and 200-hour moving averages.</p><p>That suggests sellers are still in near-term control and a break back below the 100-day moving average will see the downside pressure resume for the pair. The next key support region will be the end-June and July lows near 0.6600 before looking towards the 0.6500 mark again.</p><p>As for upside levels, it is evidently clear that buyers will need to break back above the 200-day moving average of 0.6731 to reclaim any momentum. The key near-term moving averages are also seen at 0.6720-42 currently and if they can also push past that, it will be encouraging to see a rebound higher.</p><p>However, any major upside is still very much limited closer to the June and July highs near 0.6900 for now.</p><p>And as mentioned earlier <a href="https://www.forexlive.com/news/heads-up-rba-monetary-policy-decision-coming-up-at-the-bottom-of-the-hour-20230801/" target="_blank" rel="follow">here</a>, even if there is reason for the aussie to bounce today, it may not be one that is too strong or lasting. The RBA may start to hint further that they may be done on rate hikes and even with another one today, any forward guidance change is likely to weigh on the aussie at the balance.</p>

This article was written by Justin Low at www.forexlive.com.