Consolidation to precede the next decline for AUDUSD
Last Friday's Monetary Policy Statement from the Reserve Bank of Australia left little doubt the 1.5% cash rate will be held steady until more information comes to light about how much slack there is in the labour market. We will get an update on that in Thursday's employment report.
Before that, AUDUSD will trade in line with developments in the US, including Fed speakers, progress on the US tax bill and Wednesday's CPI inflation numbers.
Management and risk description
Entry: Today: Aussie is seen as a sell at 0.7660/0.7670 (only until 0.7625 support is broken)
Stop: just above 0.7695 initially (as always).
Source: ThomsonReuters. Create your own charts with SaxoTrader; click here to learn more.
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— Edited by Robert Ryan
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