Following from the weak US economic data last friday, further weakness in the USD is anticipated for the weak ahead.
However, on Tuesday morning, the RBA will be releasing the meeting minutes form the rate decision.
I expect a hawkish tone in the minutes, given that economic data for the AUD has been improving.
Therefore, after the release, if price is able to break the resistance level, I would be looking for a long position.
However, on Tuesday morning, the RBA will be releasing the meeting minutes form the rate decision.
I expect a hawkish tone in the minutes, given that economic data for the AUD has been improving.
Therefore, after the release, if price is able to break the resistance level, I would be looking for a long position.
Note
as expected, weaker USD, leading the aud above resistance.however, with the minutes due tomorrow morning, i'd still wait for the release before an entry
Order cancelled
no trade materialised as price did not manage to break and close above the resistance level
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Join my mailing list jindaotai.com/joinme
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.