A zone around 70c provides a pivotal zone for Aussie traders after the RBA cut rates by 25 bps today.
The longer-term trend remains bearish, as seen by the 50 and 200-day eMA’s pointing lower. Yet we’ve seen a counter-trend rally back to the 50-day average where it’s found a cluster of resistance around 70c, which includes the 61.8% Fibonacci level.
From here, traders are waiting for RBA’s Governor Philip Lowe to see if he adds a dovish twist to today’s meeting. Yet, as traders have prices in 2 cuts this year, failure to hint as such could see AUD/USD break above 70c. And, if the resistance holds, we could eek a bearish swing trade on the daily chart.
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