AUD/USD TESTS KEY SUPPORT NEAR 0.7024 AHEAD OF RBA DECISION
AUD/USD has extended its pullback after forming a lower peak at 0.7235, compared with the 0.7275 high recorded in May. The pair is now trading near its 200-day moving average at 0.7024, an important technical reference highlighted by Societe Generale.
The pair is also positioned near the lower boundary of a descending channel, with 0.7000–0.6975 forming the key support area. A break below 0.6975 could bring the 0.6920 level and the June low near 0.6860 into focus.
The upcoming RBA interest-rate decision remains an important catalyst for AUD/USD, with a rate hike expected according to the source. Seasonal patterns also point to historically weaker Australian Dollar performance in October, adding another factor for traders to monitor.
From a technical perspective, AUD/USD is at an important inflection point around the 200-day moving average at 0.7024. Holding above this level keeps the broader support structure in focus, while a break below 0.6975 would shift attention toward lower technical levels.
For market participants, the key factors remain in the RBA rate decision, the 0.7024 200-day moving average, 0.6975 support, 0.7090 resistance and the 0.6920–0.6860 downside reference area, which may provide further context for the near-term direction of AUD/USD.
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