The sharply sloping uptrend in AUD/USD that was broken today when the RBA declined to hike rates is being tested from below now. A failure to retake the rend line would be a sign that more profit-taking is ahead while a success would just muddy the waters.
Clearly the easy money in AUD has already been made and it is going to be tougher sledding ahead. The market has a lot of Aussie on board already so rallies should be for sale, in my view. Above 0.9750, and I’m wrong. Trendline resistance comes in at 0.9693. We trade now at 0.9680
