Nataly Kambur
⬤ AUD/USD is sitting at a make-or-break technical spot right now. After breaking above a descending trendline that's been holding it down since early 2025, the Aussie dollar pulled back to test that same line as support. It's basically flipped from resistance to support, and what happens next could set the tone going into the RBA's decision.
⬤ The pair dipped toward 0.6900 before catching a bid and bouncing back. That zone lines up with previous consolidation areas and several marked retracement levels on the chart. After finding its footing there, price pushed higher and is now grinding just below 0.7000—a level that's been acting as a ceiling during recent rallies.
⬤ Momentum indicators are showing some cooling off after the recent pop higher. The RSI backed away from overbought territory as price corrected into support, suggesting a breather rather than a major reversal. Moving averages are still pointing up, which means the broader picture stays positive even as the pair digests gains near this trendline pivot.
⬤ Why does this matter? AUD/USD tends to get jumpy around RBA meetings, and holding above a reclaimed trendline could keep sentiment bullish in the short term. If it fails to hold 0.6900, though, traders will likely start eyeing lower support zones. With the pair consolidating at a key technical turning point, how it reacts after tomorrow's announcement could shape the next leg of the move.
Nataly Kambur
