The below is the daily chart of the AUDUSD. We note that the orange 13-day EMA is looking to cross below the black 34-day EMA (blue ellipse). This will put the Aussie’s EMAs into a bearish stack. I.e. the green 5-day EMA will be below the orange 13-day EMA, and the orange 13-day EMA will be below the black 34-day EMA. The RSI(9) is already under 50 and indicative of a bearish momentum (blue rectangle.) If the EMAs start developing angle and separation it will likely be due to an increase in downside momentum.
The RBA statement seems to be more in line with underlying fundamentals and it has no lowered its growth forecast, “particularly for consumption.” Rate rises or cuts are now evenly balanced in Australia.
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