Aud/Usd Under Pressure ahead of Rate Decision (ADE)

Aud/Usd opened under pressure ahead of this weeks RBA rate decision signaling a likely test of the .8750 area. While the consensus points to a rate hike from 3.75% to 4.00%.The recent tightening by China put many in doubt of RBA rate hike this week. We see the .8750 level as a solid support with the potential of seeing a rally back up to .9000 later this week to relive the oversold condition in the Aud/Usd.