AUD/USD recoveries may be short lived below 50DMA

FXStreet (Guatemala) - AUD/USD continues to head south after last night's bearish open in Asia.

AUD/USD is, however, making a minor recovery from the lows at 0.7082 while the price in oil recovered in dramatic fashion. The real risk comes with the forthcoming RBA meeting tonight.

The general sentiment os for the RBA to stay on hold, and Valeria Bednarik, chief analyst at FXStreet explained that attention will likely focus on the following statement, "Any change in the latest wording from Governor Stevens, will be quickly priced in. In its latest statement, Stevens was less eager for a weaker Aussie, saying that the currency has done enough to help with the economic recovery."AUD/USD remains bearish below 0.7396 50 DMA.

AUD/USD remains bearish below 50 DMA

Technically, hourly MACD is turning positive but rallies on AUD/USD could struggle on the 0.72 handle ahead of R2 and R3 (0.7250/0.7301). The pair remains with a bearish bias while changing hands below 0.7448 July 21 high and the 50 DMA at 0.7393.