DislikedWhile not a big person on trading the news, I've noticed that price has either gone lower or not done much the day the RBA cuts rates.
There was some good buying most of the US session today however.
up or down?Ignored
Take em or leave guys, your feedback is always appreciated!!!
On Oct 31, 2011... the RBA said it would cut rates by .25, and they did exactly what they said. They cut rates by .25 bps.
My daily chart for 10/31/2011 shows a 187 pip decline and the following day, 11/01/2011, price fell an additional 270pips. I do not know about you guys, but I call that a considerable move following a rate cut by the RBA that was expected by the market already...
Furthermore, a significant read of my daily momentum indicators allows me to compare how similar the reading was on 10/31/2011 to todays look on the same indicators....
I also see a potential harmonic pattern within a harmonic pattern, both with similar ending levels...
The upmove off of .9663 appears corrective in nature to me, implying that there will be a decline upon the completion of this leg up...
My bias is short AUDUSD. short term anyways.
RBA can surprise though - they have taken my lunch money before... bastards... lol