AUD/USD coils up ahead of the retail sales and RBA's MPS
The Aussie fell to below the 0.6300 target zone yesterday (marked by last week's VPOC - or volume point of control)
With the RBA's quarterly MPS (monetary policy statement) and retail sales released at today at 11:30 AEDT, perhaps upgraded inflation forecasts can give the Aussie a bump higher. But whilst prices remain beneath the monthly pivot point, such bounces are likely to appeal to bears for swing trade shorts.
However, the US dollar remains a force to be reckoned with so the core view on AUD remains bearish given the RBA's lack of hawkish interest (on a relative basis). A break of yesterday's low assumes bearish continuation and brings the support zone around 0.6200 into focus for bears.
With the RBA's quarterly MPS (monetary policy statement) and retail sales released at today at 11:30 AEDT, perhaps upgraded inflation forecasts can give the Aussie a bump higher. But whilst prices remain beneath the monthly pivot point, such bounces are likely to appeal to bears for swing trade shorts.
However, the US dollar remains a force to be reckoned with so the core view on AUD remains bearish given the RBA's lack of hawkish interest (on a relative basis). A break of yesterday's low assumes bearish continuation and brings the support zone around 0.6200 into focus for bears.
Trade closed: stop reached:
Whilst prices initially rose towards (and paused beneath) the monthly pivot point, a swing high failed to materialise before momentum continued higher and invalidated the bearish bias.
