• AUD/ USD steadied on Monday as Australian dollar attracted bids ahead of RBA’s rate decision .
• The RBA is likely to keep interest rates at a 12-year high of 4.35% for the seventh consecutive meeting on Tuesday, driven by a resilient labor market and stubborn inflation.
• AUD/USD is approaching the 23.6% fibonacci retracement level. A close above this level could lead to a significant rally towards 0.6900 level.
• Immediate resistance is located at 0.6832 (23.6%fib), any close above will push the pair towards 0.6851 (Higher BB).
• Support is seen at 0.6762 (38.2%fib) and break below could take the pair towards 0.6737(Sep 19th low).
Recommendation: Good to buy around 0.6800, with stop loss of 0.6720 and target price of 0.6900
