AUD/USD reverses knee-jerk dip below 0.75 handle, short rallies
AUD/USD see knee-jerk dips below 0.75 handle to hit lows of 0.7480 after the RBA cut rates by 25 bps as expected.
The cut was largely priced in wake of dwindling economic growth, mixed labour market and rising AUD.
The pair has quickly reversed the dip to trade around 0.7520 levels, finds stiff resistance at 1H 20-SMA at 0.7550.
Intraday bias is lower, we see scope for test of 0.7455 and then 0.7420 levels.
Good to sell rallies around 0.7530, SL: 0.76/ TP: 0.7480/ 0.7440/ 0.7420
The cut was largely priced in wake of dwindling economic growth, mixed labour market and rising AUD.
The pair has quickly reversed the dip to trade around 0.7520 levels, finds stiff resistance at 1H 20-SMA at 0.7550.
Intraday bias is lower, we see scope for test of 0.7455 and then 0.7420 levels.
Good to sell rallies around 0.7530, SL: 0.76/ TP: 0.7480/ 0.7440/ 0.7420