AUD Holds Ground Ahead of RBA Decision Amid US Dollar Weakness

The Australian Dollar (AUD) has held its ground ahead of the Reserve Bank of Australia's (RBA) interest rate decision, trading around 0.7060 during Asian hours on Tuesday.

The RBA is expected to keep the Official Cash Rate steady at 4.35% for the second consecutive meeting. The decision will be announced at 04:30 GMT, accompanied by the Monetary Policy Statement (MPS) and updated economic forecasts.

RBA Governor Michele Bullock's press conference will follow at 05:30 GMT. Strategists at Societe Generale highlight that AUD/USD has shown technical resilience, defending the 200-DMA in June and forming a series of higher highs and higher lows on the daily time chart.