The market and economists both expect a cut while investors seem somewhat unconvinced. Following the big surprise in April, investors are unconvinced that market pricing and economist calls will come to fruition. A combination of surprises in inflation and jobs data seems to have been enough to put doubt in investors’ minds that we will see a rate cut. From a price action perspective, there was a nice little uptrend forming from the AUD/USD mid-April lows in the $0.7550 region. This kept the price action supported and saw the pair rally to just over $0.8000 towards the end of May. The pair has since pulled back rapidly heading into the RBA meeting and seen this uptrend broken. The break occurred at around $0.7850 and saw the pair go down to test support in the $0.7800 region. This level is the 50% retracement of the April rally and is currently supported ahead of $0.7750 which is the 61.8% retracement of the move. These levels could come into play this week considering how busy the economic calendar is.