Yesterday was RBA day in Australia and for the most part, things went as was expected. There was no change to official rates, and while we saw a bit of a spike it wasn’t long before that faded.

I’m still watching the big support level at 0.7640 closely. Should we break that in any decent kind of way, then we will be in line for a test of 0.7580.

I’ll be looking to short a pullback to 0.7675, with our risk set at 0.7750. That will give us slightly better than 1:1 on what is a strong downtrend at the moment.

AUD/USD – 240 min Chart.