AUDUSD: BEARISH DECENDING TRIANGLE 🔻
BIAS: BEARISH 🔻
TECHNICAL PROJECTION: BEARISH
On the H4, we have a bearish bias that price will retest "B" & "D" area and to continue further bearish to 0.67 target to complete its "e wave" from the bearish descending triangle pattern.
FUNDAMENTAL PROJECTION: BEARISH
DXY STRENGTH: Market could be pricing further 75bps hike tightening to come & balance sheet reduction to continue at $60b & $35mbs over the three month timeframe.
AUD: The RBA is widely expected to increase rates by 50bps tomorrow, a slightly hawkish move. This could limit significant downside in the AUDUSD in the short term with a brief retrace to the upside, towards the 0.69 level expected toward the "B" area of interest.
BIAS: BEARISH 🔻
TECHNICAL PROJECTION: BEARISH
On the H4, we have a bearish bias that price will retest "B" & "D" area and to continue further bearish to 0.67 target to complete its "e wave" from the bearish descending triangle pattern.
FUNDAMENTAL PROJECTION: BEARISH
DXY STRENGTH: Market could be pricing further 75bps hike tightening to come & balance sheet reduction to continue at $60b & $35mbs over the three month timeframe.
AUD: The RBA is widely expected to increase rates by 50bps tomorrow, a slightly hawkish move. This could limit significant downside in the AUDUSD in the short term with a brief retrace to the upside, towards the 0.69 level expected toward the "B" area of interest.
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