Aussie: PBOC rate cut and the pressure on AUD

Aussie: PBOC rate cut and the pressure on AUD

On Weekend, PBOC surprised the market by cuting rate, while Grexit indeed become a real problem.

USDollar is receiving support from market sentiment.

This week, the key data is NFP report on Friday, and strong data is likely.

RBA still claim that Aussie is too high for historic record.

The resilence of AUDUSD is gradually over, and I think AUDUSD most likely back to the downtrend.

– Technical Analysis

Look at on the chart, RSI indicator. Strong resistance is at 52.8

RSI keeps below this level, test many times and now I see it is falling down.

We have two trend lines on the chart:

– uptrend line and downtrend line.

I see AUDUSD break the downtrend line.

0.77 is now become the resistance : AUDUSD soar to this level then bounce back , this proves that AUDUSD reject this level.

I think AUDUSD is on the way to 0.7500 level.

I hit a SHORT position at current price 0.7635, stop loss at 0.7700, take profit 0.7500

Source:: Aussie: PBOC rate cut and the pressure on AUD

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