A tad higher after the Reserve Bank of Australia decision to leave rates on hold at 1.50%
Not much of a reaction from the Aussie. Most of the move happened pre RBA in response to better retail figures .
It’s a case of here we are again looking at the chart. The 0.7630 area has become pivotal to any advance and needs to hold for any future price rise to gain momentum. This corresponds with 61.8% fib of the May low to September high. The Australian dollar has been one for the day-traders over the last few weeks. I’ve had a few successes scalping around the 0.7630 level, but nothing of any substance Price at the time of writing is 0.7648, so the fight is on, and suddenly looking all the more interesting…….. A reverse and yet another rejection should set up a good short trade opportunity .
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