Aussie remains bullish after RBA minutes – Elliott Wave shows room for further strength [Video]
|RBA is looking for higher rates in an upcoming meeting, but its unclear if there will be 25 or 50bp increase which will be determined by incoming data and the outlook for inflation and employment. We see AUDUSD trading at the highs of the week after the minutes were released and it appears there is room for further gains as we see price in wave three, headed towards 161.8% Fib. We also see stocks still in bullish mode, including HSI, and copper while USDCNH is coming down, so these are all positive signs for the Aussie. As such, I may look for long entries after a pullback.
Video analysis:
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