themarketzone

Re-testing Sell Zone ahead of RBA rate decision

FX:AUDUSD   Australian Dollar/U.S. Dollar
The first time that $AUDUSD tested the 0.76-0.77 resistance zone (PRZ of a bearish Bat pattern) it dropped 300 pips only to find support near the daily 50 MA line.
Now, before RBA's rate decision, $AUDUSD is re-testing the same sell zone with potential rate cut scenario.
If RBA will cut rates (again), the first sell zone should be enough to send $AUDUSD back towards 0.74, 0.73 and maybe even towards 0.7 to complete a bullish Gartley pattern (yellow).

If they won't cut rates, $AUDUSD can rally towards 0.79-0.8 to enter the secondary Sell Zone - Completion of a bigger Gartley pattern

This trading scenario is part of this week's FREE newsletters - The Weekly Markets Analysis - http://goo.gl/NOAw5M
Read more and see what other trading scenarios I'm watching towards the coming trading week

Tomer, The MarketZone
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Comment: Updated analysis
Re-testing Sell Zone ahead of RBA rate decision
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