AUD/USD Approaches Overhead Resistance On Weekly

Russell Shor, CFTe, MFTA FXCM

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

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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