AUD/USD rises to resistance ahead of RBA meeting
The RBA are expected to hike interest rates by 50bp at 14:30 today and take the cash rate to 2.85%. From here we suspect they’ll revert to 25bp hikes with the potential to pause in December or January.
The Aussie remains within an established downtrend and within a wider bearish channel on the 4-hour chart. It appears it is within the third wave of a 3-wave correction, with the 50/100 EMA’s and monthly pivot point nearby for potential resistance levels. Should we see evidence of a swing high then then 0.6300 – 0.6360 comes into focus. Note the RSI(2) is recently moved over 90 to indicate the potential for a near-term high.
The Aussie remains within an established downtrend and within a wider bearish channel on the 4-hour chart. It appears it is within the third wave of a 3-wave correction, with the 50/100 EMA’s and monthly pivot point nearby for potential resistance levels. Should we see evidence of a swing high then then 0.6300 – 0.6360 comes into focus. Note the RSI(2) is recently moved over 90 to indicate the potential for a near-term high.
Nota
The RBA went for a 'dovish hike' of 25bp - and lowered expectations for the terminal rate in the process. AUD/USD has reached the lows of the range ahead of today's NFP report. And the range-trading approach worked well for bears who faded into last week’s highs yesterday, although it is debatable as to whether scooping up the lows ahead of NFP is a good idea or simply a gamble. A strong employment report could send the Aussie to fresh news lows, whilst a (much) weaker than expected report may be required to lift it back to above 0.6500.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.