AUDUSD Counter-Trend Impulsive Move Suggests Likely Trend Change

FX:AUDUSD   Australian Dollar / U.S. Dollar
439 3
The RBA just announced they will no longer reduce rates, taking a more hawkish stance. This caused the Aussie to jump 2% with its largest daily gain since June last year.

Considering there was a record number of shorts, I'm guessing we are seeing some massive short covering. Any pushes higher will likely = more capitulation from the shorts.

The 1hr pre-breakout price action squeeze and 20ema carry suggest a new floor is in place short term around 8936. I'll look for intra-day buy signals here, targeting 8996 and 9039.
wo0ow amazing target chris ;)
Nice Analysis Chris. Retracement done and we are going North
2ndSkiesForex Ryan Tyler
Indeed - needs to clear 8983 imo to gain more of a push, then 90 and 9039 up next
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