Strong bearish momentum prevails, pushing AUD/USD to new local lows. The next meeting of the RBA, dedicated to the issues of monetary policy, is scheduled for November 01. The RBA is one of the first of the world's largest central banks, which decided to move towards taming high inflation in smaller steps. This is hardly a strong bullish factor for the AUD.
In the main scenario, we expect a rebound from the current marks and a resumption of decline. More conservative AUD/USD sellers will probably decide to wait for the breakdown of the local support levels 0.6200, 0.6170.
Probably, tomorrow's publication of the protocol from this meeting will not bring any surprises. But if it still contains unexpected information, then the volatility in the AUD quotes may rise sharply. Market participants, who follow the dynamics of the AUD, will primarily be concerned about the mood of the RBA leadership regarding the prospects for the bank's monetary policy. The soft rhetoric of statements by the bank's leaders regarding, first of all, inflation will put pressure on the AUD.
Support levels: 0.6200, 0.6170, 0.5975, 0.5665, 0.5510
Resistance levels: 0.6255, 0.6325, 0.6455, 0.6500, 0.6545, 0.6620, 0.6685
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