AUDUSD Testing Resistence Ahead of Interest Rates
The Aussie climbed briefly above the upper bound of a 2 month long D1 trend. The RBA is expected to leave interest rates unchanged, and amidst fears of a global slowdown I expect a relatively dovish outlook. The pair is at a perfect position to really cover some ground towards the downside with an initial target at the previous swing low on H4 (which also happens to have formed a solid double bottom) for a gain of ~50 pips, and the next target at the previous daily swing low for about another ~60 pips on top.
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.