FxWirePro: AUD/USD range bound ahead of RBA policy decision

• AUD/USD traded in narrow  on Tuesday as investors looked  ahead of a policy decision from Reserve Bank of Australia .

• The Reserve Bank is expected to maintain its current interest rate settings when its monetary policy meeting concludes today..

•Following three increases earlier this year, financial markets expect the cash rate to remain unchanged at 4.35%..

•Alongside its policy decision, the central bank will release revised forecasts for inflation, growth and the unemployment rate..

•Meanwhile , Markets will closely also watch Wednesday’s U.S. CPI report for evidence of how the war is affecting pricing pressures, while Thursday’s PPI data and Friday’s retail sales figures are expected to provide further guidance on the inflation trajectory.

•  Immediate resistance is located at 0.7073(50%fib), any close above will push the pair towards 0.7094 (Higher BB).

•  Support is seen at 0.7014(SMA 20) and break below could take the pair towards 0.6984(38.2%fib).

 Recommendation: Good to sell around 0.7070  with stop loss of 0.7120  and target price of 0.7000