Is the Aussie in Free-Fall?

The Aussie dollar has moved significantly lower following the RBA decision to leave rates on hold. The following chart shows how price hovered around the 0.7533 Macro Level, before falling to below the 38.2 Fib level of the high-to-low fall following the Brexit shock.

The pair is technically now in a 4 hour trend trade to the downside. If the price resists an upward move, then we anticipate that price could fall to the 0.7385 Macro Level. If it breaks and closes below this, as well as the support trend line, it’s possible to see an attack on the 0.7303 level representing the low of the Brexit move, and then following that, a potential attack on the 0.7267 Macro Level.

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If it breaks this final “line in the sand”, we could see the Aussie continue to fall around the 0.7012 Macro Level.

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