AUDUSD - Possible bear continuation
As we can see from the chart above, the cross reached a very important resistance first established back in May as a support and tested in June; the "change of polarity" happened in July, when price dropped of more than 4% in 2 trading weeks. As the saying goes: "the first test never fails"; it didn't indeed. We could be in front of a retest of the resistance, which, moreover, coincides with the 50% of Fibonacci level (as you can see from the chart). So here's what I expect: price will drop at least to 0.6755, if not to 0.6725, where there's a high liquidity zone.
In addition, some economists expect one more rate cut from the RBA for 2019 and the likely adoption of QE, in order to accomplish the inflationary target of 2-3% (CPI), which is now at 1.6%. The next CPI data will be published on October, 30th and will likely remain at 1.6%.
In addition, some economists expect one more rate cut from the RBA for 2019 and the likely adoption of QE, in order to accomplish the inflationary target of 2-3% (CPI), which is now at 1.6%. The next CPI data will be published on October, 30th and will likely remain at 1.6%.
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