AUD has been holding very well after the Bearish Engulfing Day on BREXIT. Elections today. Two things could happen next week.
1. We break higher on accelerating flows into AAA papers and yield chasing. Breaking above 0.7500, target 0.7800.
2. Resume global risks sell off or a very dovish RBA, sending AUD below 0.7300. Creating a Head and Shoulder pattern right after a Bearish Engulfing. It will also break the 200 DMA. Target 0.7000.