AUD/USD trades at 0.6925, between a range of 0.6912/35. AUD/USD bears looking to 0.6500 on RBA cuts. The Aussie has been on the backfoot since Jan 2018 and is embarking on the lowest levels since January 2016 as the RBA gives clear guidance that next week’s meeting is a live meeting to assess as to whether to cut rates again. At the same time, AUD net shorts increased on US/China trade tensions. However, at the start of this week, the outlook for the AUD was supportive in the near term due to improved risk appetite, US data weakness and a pullback in the greenback. Indeed, the US data from the economic performance has not been as promising of late, raising speculation that a Fed easing is still on the cards. The chance of a Fed rate cut by December, implied by Fed fund futures, remained at 130%. A subsequent correction on the charts took fold, also partly down to due rate cuts already being heavily priced. The pair corrected from a key Fibo level and up through the trend line resistance RBA outlook Looking to the RBA, the minutes emphasised the easing bias and highlighted the focus on the labour market. The RBA Governor’s speech which gave the strongest guidance yet that “at [the]meeting in two weeks’ time, [they]will consider the case for lower interest rates”. Analysts at Westpac are sighting a major low (0.65 or below) for AUD/USD mid to late Q3 assuming the RBA cuts June, G20 sees no trade agreement end June, the next round of tariffs kick in July and the RBA cuts again in August. U.S. data events this week While the second reading of Gross Domestic Product is a highlight this week, for the last trading day of this month, U.S. PCE will be a focus and could come as a greater consequence. A solid 0.2% m/m increase in core PCE prices, would support the greenback as it would likely translate into a steady 1.6% y/y inflation rate with rounding. AUD/USD levels Analysts at Commerzbank explained that AUD/USD continues to hold just above the 78.6% Fibonacci retracement at 0.6857 and has risen above the six-week downtrend channel resistance line at 0.6894: “It thus targets the March low at 0.7004 as well as the 55 day moving average at 0.7051. Further up resistance can be spotted at the 0.7207 February high. A fall and daily chart close below the 0.6857 78.6% Fibonacci retracement would target the 0.6738 December 2019 low.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin Cash technical analysis: BCH/USD pennant breakout and retest FX Street 4 years AUD/USD trades at 0.6925, between a range of 0.6912/35. AUD/USD bears looking to 0.6500 on RBA cuts. The Aussie has been on the backfoot since Jan 2018 and is embarking on the lowest levels since January 2016 as the RBA gives clear guidance that next week's meeting is a live meeting to assess as to whether to cut rates again. At the same time, AUD net shorts increased on US/China trade tensions. However, at the start of this week, the outlook for the AUD was supportive in the near term due to improved risk appetite, US data weakness and a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.