AUD/USD little changed at 0.7052 as Wall Street rise offset by fall in commodities

RBA decision today a key event with most of Asia on holiday

Market expects RBA to hike 15 BPs to 0.25% and provide hawkish guidance

This outcome would likely result in a muted reaction in the AUD/USD

Market pricing in extremely aggressive RBA hikes through year-end

RBA may push back on market pricing while conceding some hikes needed

If RHA stays on hold (less likely) AUD/USD will spike lower

If they hike 40 BPs (most unlikely) - AUD/USD will spike higher

AUD/USD support at yesterday's 0.7030 low and 2022 low at 0.6967

It is trending lower while 10-day MA at 0.7175 caps rallies

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