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RBA minutes from the latest meeting showed that after three rate hikes this year, members could now be ready for some pause after three hikes this year. They may want to wait for more data and also see how the situation in the Middle East develops, so they likely do not want to rush too much with additional hikes for now and may need more time. This is one of the reasons why Aussie is turning lower again, and it’s very possible that the pair is now trading in wave A of a higher degree A B C pullback that we already discussed in yesterday’s webinar. Resistance to watch on rebounds remains around the 0.7180 area -0.72.
We covered this and all markets in yesterdays live stream - you can re-watch it here
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