Fundamental Analysis
RBA kept interest rates the same in the last meeting but have acknowledged that there is improvement in both the Domestic and International economy. The currency is currently trading down against the USD but a positive language from the RBA minutes tonight coud see a bounce back to previous resistance. If the central bank language is fairly flat then further downside could be possible.
Technical Analysis
As you can see from the chart the price is currently consolidating whilst the market awaits the RBA minutes. I would expect this to break to the upside but there is still downside risk. I will be using my Triple system EA to trade this today.
RBA kept interest rates the same in the last meeting but have acknowledged that there is improvement in both the Domestic and International economy. The currency is currently trading down against the USD but a positive language from the RBA minutes tonight coud see a bounce back to previous resistance. If the central bank language is fairly flat then further downside could be possible.
Technical Analysis
As you can see from the chart the price is currently consolidating whilst the market awaits the RBA minutes. I would expect this to break to the upside but there is still downside risk. I will be using my Triple system EA to trade this today.