AUD/USD Approaches Overhead Resistance On Weekly
The below is the weekly chart of the AUDUSD. Price has retraced 38.2% of the previous impulse move down. This brings the aussie close to overhead resistance (green rectangle). The RSI(9) is also below 50, which is on the bearish side of the indicator (blue rectangle). Yesterday, the RBA cut its cash rate by 25bps to 1.25%. We note that ANZ bank sees the RBA cutting another two more times for 2019 – a 25bps cut in August and another in November. This is in line with a previous forecast made by Westpac. We continue to monitor
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
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