AUD/USD - Can The RBA Interest Rate Decision Be The Catalyst For A Correction
AUDUSD: We have seen the currency pair make discrete higher highs and higher lows in recent weeks, with price, really struggling to maintain bearish momentum below the 0.7500 price point. On Wednesday the 30th of May we saw a large bullish candlestick engulfing the prior 9 days of price, indicating that there may be a correction in the price imminent.
With high impact news for the Australian dollar this week commencing 4th - 8th of June this could be the catalyst that forces the price to break above the 0.75750 and head back towards the 0.76500 level.
In the early hours of Monday, Tuesday and Thursday we could look for added volatility in the Australian dollar as Retail Sales, RBA Interest Rate Decision and GDP Figures are due to be released respectively. After making a bearish decline of nearly 700 pips since February this may be the boost necessary for a recovery in price.