Aussie bears tightening their grip, resume downside following the release of RBA’s Statement of (SoMP).
Latest RBA SoMP showed downward revisions to 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.