Price is in downtrend since it was rejected at 0.703. The downtrend has been lasting for over 2 months.
3/3 RBA cut 25 basis points in interest rate, which is successfully predicted by the market and resulting in AUDUSD being sold off lately, touching 0.6435. With the shoe dropping down, the action of sellers taking profits prevents the price from going down, holding above 0.65 level.
Should keep an eye on the key resistances, 0.6590 and 0.6630.
Once breaking through 0.6630, it will be confirming that short-term downtrend finishes, and price has the potential to keep rising up toward 0.6775.
Price running below 0.66 level, shows the market still has a bearish bias on AUD, which means that 0.6435(previous low) is very likely to be tested again.
3/3 RBA cut 25 basis points in interest rate, which is successfully predicted by the market and resulting in AUDUSD being sold off lately, touching 0.6435. With the shoe dropping down, the action of sellers taking profits prevents the price from going down, holding above 0.65 level.
Should keep an eye on the key resistances, 0.6590 and 0.6630.
Once breaking through 0.6630, it will be confirming that short-term downtrend finishes, and price has the potential to keep rising up toward 0.6775.
Price running below 0.66 level, shows the market still has a bearish bias on AUD, which means that 0.6435(previous low) is very likely to be tested again.