fbpx

AUDUSD Bear Theme into RBA Decision and Statement

Technical Analysis

Video Analysis 1

Video Analysis 2

The Reserve Bank of Australia Meeting is on Tuesday 2nd June and the target ‘cash rate’ and Statement is due to be released at 2.30 pm local time. After the rate cut in May, no change is expected.This leaves the bias for the recent bear tone to extend into Tuesday and early June.

AUDUSD Bear Trend and Support Targets

The two week slide continues with hardly a pause, with only negligible bounce efforts allowing intraday momentum to correct from oversold.

The gradual push through supports leaves real risks to the cycle low at .7533 early this week.

For Today:

  • We see a downside bias for .7600; break here aims for .7553 and .7533.
  • But above .7673 opens risk up to .7712, which we would look to try to cap.

Short/ Intermediate-term Outlook – Downside Risks:

  • We now see a more negative tone with the bearish threat to .7533.
  • Below here targets .7500, .7269 and .7094.

What Changes This? Above .7840 eases bear risks; through .7932 signals a neutral tone, only shifting positive above .8164.

Momentum: The 8-day RSI, short-term momentum is OS, but we still see scope to go lower this week.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.


Popular Brokers