Last week I've had this yellow channel drawn upon points A (start of 2016),B and C; and thanks to RBA's unexpected (really?) rate cut, the aussie moved away from that multiyear trend line. (see the bigger picture below) After a smooth touch on 50% retracement level of Jan.20 - Apr.20 upmove, finally resting on the bottom of the channel. A break below this channel might be a sign of long-term bearish continuation.