A surprise rate cut caught aussie traders on the wrong side of a 3.00% expectation and while there was a minority of traders that were expecting a cut at this meeting, the majority of aussie traders did not and the currency sold off sharply. The AUD/USD had already been moving lower as traders began to sell the pair in anticipation of eventual rate cuts so now with the acceleration lower, is there more left to the downside in the near-term? Longer-term there can be an argument made for the current price action being just the beginning of a downtrend and certainly that’s not out of the question; however, there are a ... (full story)