• AUD/USD bulls could be about to throw in the towel in a test of 0.6700.
• Bears eye risks of a move lower into the Federal Reserve.

AUD/USD has rallied to the highest since mid-May following the Reserve Bank of Australia (RBA) meeting that raised interest rates. The cash rate is now at an 11-year high of 4.1%. This leaves the technical outlook bullish but there is a risk of a correction, in the meanwhile, as the following illustrates. The major catalyst, if there is going to be a further upside, will be from the Federal Reserve interest rate decision on June 14 and the outcome. A dovish resolve would be expected to support AUD/USD bulls on their path higher