Following the unexpected rate hike by the Royal Bank of Australia (RBA), the Australian dollar is enjoying strong bullish momentum though it’s a correction in a larger bearish trend. Further, a general weakening of the Swiss franc across major pairs fuels this bullish correction targeting the 0.62 region. Presently, we are awaiting a change of character on the daily time frame and then a minor bearish correction as buy orders are picked at the 0.58-0.59 price handles. Our targeted exit is the 0.62 region.
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