Short AUDGBP to 0.585 based on stagnant RBA
Expect Reserve Bank of Australia (RBA) rates to stay stagnant. There has been a drop in auction clearance rates and property values across previously hot markets of Melbourne and Sydney due to APRA's interest only lending changes, but this is nothing to cause concern for the RBA.
We can see the beginning of a downtrend on AUDGBP as confirmed by a lack of buying volume and the crossover of the moving average at 20, 50 and 100 on the 4hr Charts.
Retail Sales in Australia are also expected to show a slower growth.
From these factors I am predicting a short to around 0.5850 which we have previously seen as strong resistance prior to the last major bull run and now expect this to turn to a support.
As always,
Stay focused and trade to trade well.
We can see the beginning of a downtrend on AUDGBP as confirmed by a lack of buying volume and the crossover of the moving average at 20, 50 and 100 on the 4hr Charts.
Retail Sales in Australia are also expected to show a slower growth.
From these factors I am predicting a short to around 0.5850 which we have previously seen as strong resistance prior to the last major bull run and now expect this to turn to a support.
As always,
Stay focused and trade to trade well.
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