The AUD/USD has made a double top and we can see a clear CAMMACD signal for a sell trade. Bearish trend should progress.
The Reserve Bank of Australia (RBA) held interest rates at 1.5% for its 27th consecutive meeting. The decision was inline with financial markets and analysts, however, Dr Lowe of the RBA expects the economy to grow by 3% this calendar year, despite it slowing in recent months, whilst the unemployment should lower to 4.75%. Issues with the housing sector in Australia will continue to weigh in on future rates, with some pundits predicting rate cuts later this year.
At this point the price has overshot the ATR (5) which indicates heavy bearish pressure. The POC zone 0.7060-75 should reject the pair again if the price makes another retracement in the zone. Targets for the move are 0.7007 and 0.6950. As long as 0.7100 is intact shorting on rallies could be a valid option for intraday and intraweek traders.
