AUD/USD can see deeper pullback despite hawkish RBA

Gregor Horvat Wavetraders

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.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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