Majority of analysts expects RBA to cut interest rate further from 2.25% to 2.0% tomorrow. Moreover, In last few interest rate statements we have seen dovish tone from RBA Governor showing concern that the Aussie Dollar exchange rate is still relatively high and it need to decline further to help boost exports.

From technical perspective, AUDUSD is consolidating in a 280 pip range since start of February 2015. A bearish breakout of this consolidation zone could pave way for 0.7500 level. However, a bullish breakout could open possibility of a retest of 0.8000 SR flip level. As such I would be watching price action on hourly charts for any hint of breakout trade either way.

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