FxWirePro: AUD/USD erases early gains, Aussie under pressure ahead of RBA Interest Rate Decision

AUD/USD chart - Trading View 

AUD/USD has slipped lower from 4-week highs as the pair erases early gains. The pair has paused its 6-day winning streak. 

Aussie remains under pressure ahead of the Reserve Bank of Australia's Interest Rate Decision.

AUD/USD was trading 0.13% lower on the day at 0.6963 at around 04:00 GMT, bias remains bullish.

The RBA is widely anticipated to hold the current monetary policy unchanged, no major forecasts are supporting an increase in the Quantitative Easing (QE).

Traders remain cautiously optimistic, will watch for comments in the following policy Statement.

Technical bias for the pair is bullish. Scope for gains till upper weekly Bollinger band at 0.7163.

Volatility could follow RBA rate decision. 21-EMA is strong support at 0.6884. Minor weakness on break below. Major weakness only on breach below 200-DMA.

Decisive close above strong resistance at 110W EMA at 0.6933 will see upside continuation. 

Major Support - 0.6884 (21-EMA)

Major Resistance - 0.7163 (Upper W BB)