On the 4HR to the downside we experienced a shallow retracement and price appears to have stalled at the 1.27 and 1.18 level. Anticipating potential retracement to 1.888X to 1.894X area before a potential continuation to the downside.
Fundamental Analysis
Australian Dollar has weakened as a result of Russia invading Ukraine. Australian wages grew less than anticpated, coming in at 2.3% rather than 3%. There is uncertainty as to the direction of the monetary policy. The RBA's minutes were released from the last meeting and the Board wasn't yet convinced that the acceleration in inflation would be sustained and wanted to see wages respond before lifting rates.