Today's Asian trading session will be highlighted by the release of the Australian Cash Rate followed by the accompanying statement from the Reserve Bank of Australia (RBA). Economists forecast the RBA to hold interest rates steady at 4.50%. Previously the RBA took a pause from the last 6 consecutive interest rate increases. The interest rate decision will be released at 04:30 GMT followed by comments from RBA Chief Glenn Stevens.

Further economic data from Australia will be released on Thursday in the form of employment data that is forecasted to deteriorate from the previous data release.

The Aussie dollar has slumped recently with the falling prices of commodities. This is despite recent dollar weakness in most of the major pairs. Continued downward movement may be seen in the AUD/USD with the next support lines resting at 0.8260 and 0.8070. Should the RBA surprise the market with an interest rate hike, the pair could rise to its next resistance level at 0.8570.