Aussie Shows Short-term Bullish Formation Ahead of RBAJun 5, 2023

Stocks, USD and US yields are again moving in the same direction, so we may expect that one should give up this week. On overlay chart of XXX/USD pairs, we can see Aussie with some impressive run from last week that occurred before the US yields stabilized, and the reason for the relatively strong AUD was the release of Australian inflation figures that came out worse than expected, 6.8%, but still below 7% from the previous reading. So there is a chance that RBA will be more hawkish this week because of missed expectations, meaning that Aussie can stay in intraday uptrend, which certainly can be the case if we consider that recovery from the low was sharp and looks like an impulse, so more gains can be seen after a-b-c retracement. Traders will have a close eye on this one for potential trades going into the RBA rate decision. We see nice support at 0.6560, while upward projection is at 0.6675-0,67. This bullish view is unchanged while price is above 0.6459. If someone is more dollar long oriented then a better pick can be EURUSD shorts since euro is much weaker compared to aussie.

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AUDUSD Elliott Wave Analysis
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