Aussie Shows Bullish Pattern Within Uptrend
The latest RBA meeting minutes showed that more members favored maintaining the current interest rates rather than hiking them further. As a result, the Australian dollar (AUD) is once again falling from the upper side of this triangle range. This indicates that we are likely still in wave E, with support at the 0.6610 to 0.6620 area. If the lower trend line support is broken, I would then watch for support at 0.6560. Overall, I still believe the whole structure from the start of June is corrective, and that eventually, the general uptrend will resume.
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On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.