AUD/USD under pressure as RBA policy decision awaits early tomorrow

The AUD/USD has been under pressure today. The pair has fallen to a fresh interim low at 0.6235 just a moment ago. The AUD/USD closed in the US on Friday at 0.6287. The price action today has taken back below its 50 day moving average for the umpteenth time in recent days. That is in place right now at 0.6296 and as you can see, the close on Friday was below that too. So, not exactly a positive backdrop. The move lower today has also come from a further relapse in the AUD/JPY, due to the Yen gaining and the overall risk vista not looking positive. Now, early tomorrow morning the Reserve Bank of Australia (RBA) is due to decide on interest rate policy. The majority of analysts expect the RBA to keep its OCR on hold at 4.10%. There is a risk they might cut, given the current situation in the markets, but such a move is still being pencilled in for later in the year. As usual much will depend what accompanying statement comes with the outcome, at around 4.30am GMT. The AUD/USD is right now at 0.6238