AUDJPY Breakout Reversal
AUDUSD reversed all the gains prior to the CPI print this morning at 8:30 which is the first yoy deflationary number post Lehman at -.10%. Prices broke through the inverted head and shoulders neckline after the 8:30 data release. The RBA (Reserve Bank of Australia) is estimated at a 58% probability to cut its cash rate once again by .25% due to a slow down in emerging markets especially china. Coupled with a sell off in industrial commodity prices and a glut of supply there is certainly still a large downside in the AUD$ exchange rate.
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