AUDUSD Remains Bearish Despite Hawkish RBA
Feb 7, 2023

AUDUSD

AUDUSD remains bearish despite hawkish RBA, as we see it turning down within a three-wave correction by Elliott wave theory.

Markets are slow, they did not change much for the last sessions. Well, the only mover of the Asian session is AUD which found support at rallied after RBA hiked from 3.10% to 3.35% as expected. More important RBA mentioned that further hikes will be needed to bring down inflation, which is not a surprise after a latest jump in CPI figures. But despite the hawkish policy, AUDUSD did not gain that much, so I still think that further potential weakness on the pair can show up, but mostly because of USD domination after reversals last week. From an Elliott wave perspective, we see nice and clear five waves down, so more weakness will be expected after A-B-C. Nice resistance can be at 0.7-0.705.

AUDUSD Remains Bearish Despite Hawkish RBA 4-hour chart
AUDUSD 4-Hour Chart

We talked about Aussie yesterday in LIVE WEBINAR. You can watch the recording below:

Interested in Crypto? Bitcoin found an interesting support. Check our blog HERE

Do you find this interesting? Subscribe to our newsletter and stay up to date.

In our newsletter you will find all the news and macro reports about Forex, Crypto, Commodities and more. Don't miss a thing!

    DISCLAIMER

    Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

    The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

    Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

    By continuing to use the site, you agree to the use of cookies. Learn more.

    The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

    Close