AUD/USD Technical Analysis: Falling trendline intact ahead of the RBA rate decision

• For the AUD, the path of least resistance remains to the downside, as indicated by the falling trendline on the hourly chart.

• The pair looks set to re-test Friday's low of 0.7166 and could see deeper losses if the Reserve Bank of Australia adopts a dovish stance.

• Many in the markets do expect the central bank to turn dovish, courtesy of the recent developments: rise in mortgage costs for Australian holders, weak economic data and escalating trade tensions. As a result, a corrective rally above the falling trendline could be seen if the RBA retains the neutral stance.  

Hourly Chart

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