AUDUSD has been losing momentum starting from January and formed a head and shoulders formation over the 0.7575 neckline which is also started in January. But will the neckline be broken? There is not an easy answer to that question. RBA (Reserve Bank of Australia) is still dovish about their policies but that look may change in the June meeting. As for the technicals, AUDUSD is clearly losing the momentum as the relative momentum indicator suggested and the head and shoulders pattern usually forms at the tops, before trend reversals. Tomorrow’s RBA meeting will be important for this month’s direction. A hint of a hawkish move for the June meeting like Reserve Bank of New Zealand or Bank of Canada will change the bearish look of AUDUSD. But if the dovish stance continues with no hints of policy change may drive to price to the neckline to test further downside.