AUD/USD Bulls Eye 0.7200 as RBA Rate Decision Looms

The Relative Strength Index (RSI) is signaling that the AUD/USD pair may turn bullish, as buyers expect further upside ahead of the Reserve Bank of Australia's rate decision on September 29.

With the current week's high at 0.7168 already breached, a move to 0.7200 is on the cards if the AUD/USD extends its gains. Further strength could push the pair towards the September 9 daily high of 0.7237 and then the May 6 cycle high of 0.7277.

However, if the AUD/USD falls below the 50-day SMA of 0.7084, it may trigger a sell-off, with the next stop being the 100-day SMA at 0.7078. Beneath that lies the September 16 swing low of 0.7075, ahead of challenging the 200-day SMA at 0.7012.