10:30pm (NY Time) AU RBA Rate Decision Forecast 3.50% Previous 3.25%
ACTION: AUD/USD BUY 3.75% SELL 3.25%
RBA started the rate hike cycle during last rate decision and now analysts believe RBA will likely to hike rates by another 25 basis point to 3.50% today. Should RBA hike rates by 50 basis point instead of 25, we should see AUD/USD break upwards and possibly retest some resistance areas; however, if RBA decides to keep rates unchanged at the current level, we could see AUD/USD drop below the 0.8800 level.
