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AUDUSD – Turns Bearish on New RBA Rate Cut Talk
On Monday I suggested that we could see a break of the long-term descending channel following a strong rally last week and break of the double bottom neckline (AUSUSD – Double Bottom Sparks Possible Correction). Since then, we’ve had another batch of weak trade data from China (Chinese Exports Fell Less Than Expected in September) and speculation has risen that the RBA could cut interest rates (Pressure Builds on RBA to Cut Again as Westpac up Rates) which has prevented the channel resistance break and invalidated the neckline break. The pair is now looking more bearish as a result of this fundamental shift and ... (full story)