AUDUSD in correction before incoming PBOC decision

In the past week we have seen dynamic increases on the AUDUSD currency pair. Looking technically at the H4 chart, the recent upward impulse is more than 400 pips, while the corrections were very shallow. Today's session brings a slight downward movement, but it seems to be only a local pullback in the current uptrend. The key support to watch out for is the 0.6820 level, where the lower limit of the 1:1 system and the previous local top falls. In the event of a rebound from this place, it's not impossible to generate another upward impulse. In turn, only a descent of the price below this level, could herald a deeper pullback. In the event of such a scenario, the next noteworthy support will be the 38.2% Fibonacci ratio at 0.6730, set on the last upward wave, counting from the May 31 lows. Tomorrow AUD volatility catalyst may be the PBOC decision abot interest rates in China (4:15 AM BST). If the Chinese economy stimulus will be too small to help Chinese economy grow faster, AUD may be weaker. Australia is one of the biggest raw materials exporters to China.

Source: xStation5

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