AUDUSD: Update Setup (European Session)

RBA rate cut expectations continue to get pared back: The probability of easing at next week’s meeting is now at 50%, down from 80% a fortnight ago. Although Gov. Stevens stated that a rate cut ‘will be on the table’ (for discussion) at the May policy meeting (and he speaks again tonight), it seems that a better-than-expected March employment report and a sturdy Q1 CPI print weighed on expectations.
Although there is training in a bearish pattern, we should note the upward pressure on the Australian dollar, clearly helped by the weak dollar.

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