AUD/USD can see deeper pullback despite hawkish RBA
|RBA hiked rates to 3.10% as expected and they noted that they will look for more hikes on future meetings, but Aussie is down, which is concerning a bit for bulls if we consider that pair cannot rally on this. In fact, from an Elliott wave perspective, we see pair turning down for a new corrective retracement which can be much deeper if the current intraday drop will unfold in five waves. I see room for 0.6640 and 0.6580.
BLACK FRIDAY Monthly 50% Off Lifetime Crypto, FX and major Global Markets. Apply here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.