AUDUSD Testing Resistence Ahead of Interest Rates

1 Apr 2019

The Aussie climbed briefly above the upper bound of a 2 month long D1 trend. The RBA is expected to leave interest rates unchanged, and amidst fears of a global slowdown I expect a relatively dovish outlook. The pair is at a perfect position to really cover some ground towards the downside with an initial target at the previous swing low on H4 (which also happens to have formed a solid double bottom) for a gain of ~50 pips, and the next target at the previous daily swing low for about another ~60 pips on top.