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AUDUSD bears are patiently waiting

November 04, 2015 08:10

The AUDUSD has had a relief rally after the RBA decided to keep the rates at 2 %. The RBA indicated at the start of 2015 that it wanted to achieve 0.75 for the AUDUSD pair; currently it has surpassed this achievement as it is currently at 0.7200. As I have also explained 2 days ago on that basis, I doubt the RBA will cut rates further. Having said that, if commodities continue to weaken further, expect AUDUSD to weaken further under free markets.

Technically we have 2 POCs. The first POC is 0.7210-0.7225 zone (61.8, descending trend line) and the price could reject here BUT we see that HISTORICAL sellers are a bit higher. POC 2 shows historical sellers, 78.6 ,and X-cross. The zone is 0.7255-70 and if the price get here, we could expect now moment sellers. First target for any rejection off POC or POC2 is 0.7190 zone (H3, 89 EMA) then 0.7150 and 0.7110 (23.6, inner trend line)

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