AUD/USD breaks below 0.7450 (38.2% Fib), targets 0.7340

FX:AUDUSD   Australian Dollar / U.S. Dollar
269 0 5
AUD/USD             drops from 0.7470 region to break below 38.2% Fib of Jan to April rise at 0.7450.

Aussie bears tightening their grip, resume downside following the release of RBA’s Statement of Monetary Policy (SoMP).

Latest RBA SoMP showed downward revisions to inflation and wage growth forecasts, keeps alive rate cut possibilities.

Markets cautious heading into the US NFP report due later today, which may provide next direction on the US dollar             across the board, eventually impacting the pair.

We had advised a short in our previous call (link below).

Target 1 has been achieved, we recommend holding for further downside.

Breaks below 50% Fib cloud see further downside.
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