Forex: AUD/USD

Forex: AUD/USD

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Forex: AUD/USD - pullback limited by RBA rate call uncertainty

FITITOL--> FXstreet.com (Barcelona) - The Australian Dollar is sporting a softer profile on the lead-up to the RBA rate call, to be published at 4.30GMT. While a 25bp rate cut seems to be a done deal, much talk has been doing the rounds about bolder measures after the surprisingly low Q1CPI released last week, thus a 50bp should not be completely ruled out either.

The AUD/USD has been displaying a weak tone losing horizontal support at 1.0440, with the spot exchange drifting as low as 1.0407 before a minor rebound saw the rate come marginally back up to presently stay at 1.0424, just above former Apr 17,18 resistance. Stronger bounces face key resistance at 1.0460 ahead of 1.0500 while supports rest at 1.0400 and 1.0350.