The following play is aiming for a test of 70c; after a very dovish RBA earlier in the week opening the window for negative rates, we have some more downside to play. Wellll done all those selling AUDCAD, AUDUSD and AUDCNH. is going to continue to expand as we enter into the elections which will weigh heavily on AUD and NZD to a lesser extent.
The play towards 70c can be opened by a fresh from sellers. Such a move should never be played without being aware where we are wrong and measuring with certain effectiveness the bang for our buck. The downside is made possible via USD finding a temporary bid for ultimate safe-haven flows. We must recognise the dollar as the reserve currency and give it credit where credit is due. For the technical flows, looking for an eventual test of 0.700x/0.699x while invalidation above comes with a closing basis through 0.711x.
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