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AUD/USD chart - Trading View
AUD/USD was trading largely muted at 0.7125 at around 04:20 GMT as traders await the Reserve Bank of Australia's (RBA) monetary policy decision.
Analysts expect no change in the stance of policy. Focus shall be on the statement that follows and Governor Philip Lowe could strike a dovish tone.
Data released earlier today showed Australia's Retail Sales growth for June has been revised higher to 2.7%. While trade surplus missed expectations by a big margin.
Technical studies for the pair point to possible downside. Bearish divergence on the daily charts supports downside bias.
21-EMA is immediate support at 0.7071. Watch out for break below for downside till daily cloud ahead of 200-DMA at 0.6698.
