The Australian dollar initially rallied after somewhat hawkish comments coming out of the RBA, but you can see that the market fell significantly. It looks as if the 50-day exponential moving average is going to offer support, and I believe that there is a massive amount of support underneath to keep the market afloat. Ultimately, I believe that we are still very much in an uptrend, and that the 0.75 level underneath is the “floor.” With this, the market should then find buyers and we should reach towards the 0.7750 level.
Written by FX Empire