December 8, 2022

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AUD/USD at one-week highs ahead of RBA decision

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AUD/USD closes in on its 200-day moving average

AUD/USD D1 06-07

The pair is getting an inadvertent lift from a stronger kiwi but also a slightly weaker dollar as we get things going on the day.

That is seeing buyers seize near-term control now and the upside push now touches the 200-day moving average (blue line) @ 0.7568. That will be the key resistance point to watch in European and US trading today before 0.7600 comes into play.

As for near-term levels, keep above the 200-hour moving average @ 0.7536 and the bias remains more bullish for now. But it remains to be seen if there will be enough impetus to chase further upside with the RBA not expected to provide much of a boost.

That said, if the RBA does follow the footsteps laid out by CBA earlier here, then perhaps there is room for the aussie to readjust higher on a more bullish outlook.

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