Fundamentals:
- Post RBA has been bearish for the Aussie, with Central Bankers stating their reluctance to normalise policies.
- Coupled with the USD increasing strength due to strong economic fundamentals and Fed rate hikes(In my opinion not fully priced in due to an idiot still sitting in the white house).
Technical side:
- Bounced off daily resistance level.
- Break of support level in RSI(14)
Risk:
- I came in fucking late, so yes expected upward retracement possible. Expanded Stop loss to cater for that.
Main Follow up actions:
- Monitor Australia economic indicators
- Fed's actions and US economic strength
- Post RBA has been bearish for the Aussie, with Central Bankers stating their reluctance to normalise policies.
- Coupled with the USD increasing strength due to strong economic fundamentals and Fed rate hikes(In my opinion not fully priced in due to an idiot still sitting in the white house).
Technical side:
- Bounced off daily resistance level.
- Break of support level in RSI(14)
Risk:
- I came in fucking late, so yes expected upward retracement possible. Expanded Stop loss to cater for that.
Main Follow up actions:
- Monitor Australia economic indicators
- Fed's actions and US economic strength
Comment:
Aussie trade balance shows good data and downward momentum is weak also due to weak FOMC minutes(indecisive on rate hikes). Possibly a small up movement in near future.Fundamentally still bearish on the AUD.