The Aussie dropped more than 200 pips in a short period of time, so it took a short break. Everyone is expecting for the RBA to lower the interest rate to a record low of 2%, or at least to put pressure on the exchange rate at the next monetary policy meeting. But my TA is also bearish for the moment. I think that there is a high probability for the price to break below the local support and aim for 0.7700. My theory will be invalidated if I will see a rally and a 60 minute close above the local resistance (0.7850)
Now this had a pretty interesting reaction. The price broke below 0.7800 but just to jump start bulls to throw it back to 0.7900. Interest rate was cut and trade balance was below expectations!
AmirSami
⋅
Is there any expected area to go short ,
Razvan
⋅
well this TA was invalidated by the spike, I will post soon my ideas for aussie.