AUD/USD close to 2024 highs this morning ahead of RBA policy decision tomorrow

On September 19 the AUD/USD rose to its best levels of the year, at 0.6839. The AUD/USD rebounded last week and set a weekly close above that 0.68 handle on Friday, at 0.6807. It has come very close to the current 2024 high again today, when reaching 0.6836 a little earlier. The Reserve Bank of Australia (RBA) is due to announce its monetary policy decision early tomorrow morning, at 4.30am GMT. The RBA is not expected to change the current 4.35% OCR (Official Cash Rate). The fact that they are not forecast to lower it is the thing that surely explains to push higher in the Aussie since last week. We should also not forget a corresponding rise in the AUD/JPY since this time last week, that has helped to underpin the AUD/USD too. Looking at the longer term, weekly AUD/USD chart, that looks pretty positive right now and it seems the price is pushing for a potential test of the 200 week moving average, which it has not been above since very early in 2023. That is in place right now at 0.6963. As to whether or not that gets tested from here on probably rests with what the RBA has to deliver tomorrow. The AUD/USD is currently trading at 0.6824