On Wednesday 10th June the Reserve Bank of Australia Governor, Glenn Stevens will deliver a speech. This will likely be much watched after the neutral guidance given in the RBA statement after the June RBA meeting.
AUDUSD Negative Chart Outlook Intact
Despite a bounce effort Tuesday, the .7727 spike high is intact to leave a negative bias through midweek.
The push down close to .7595 last week negated the positive recovery tone from the rebound effort (post RBA) and has re-energized immediate bear pressures for June.
- We see a downside bias through .7642 for .7595 and maybe .7553/33.
- But above .7727 opens risk up to .7763, which we would look to cap
Short/ Intermediate-term Outlook – Downside Risks:
- We see a negative tone with the bearish threat through .7595 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 falling and has scope to go still lower this week.