Today’s RBA Minutes left trader’s in no doubt what their next course of action is and that’s cutting interest rates. It looks like we’ll get the rate cut as early as June (next Month) as they see the combined weakness in inflation and employment as a major problem for the Australian economy going forward.
Current Technicals: Down
Hourly Resistance: 0.6940
AUDUSD HOURLY CHART – Current Price 0.6886
Current Fundamentals: Down
RBA Sentiment: Down
Geopolitical Issues: Down
Upcoming Potential Fundamental Drivers
Short positions below 0.6935 with a target at 0.6700.
Above 0.6935 we should see a quick stop loss run towards 0.7000 but that will be very short-lived.
If trading the technical levels: Trendline Trader
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