Today, volatility is quite low. US ISM Non-manufacturing PMI was 56, better than expected 53, but it almost made no harm to AUDUSD as market is waiting for more important event which will be released tomorrow, RBA interest rate decision.
Interest rate is expected to decrease from 2.75% to 2.5%. Fundamentally, it means AUD bearish. However, I think we mayn't know what would exactly happen because AUDUSD could rise up to 0.9000 before continuing downtrend.
As we can see in daily chart, the bears still prevail since momentum is too weak and downtrend may continue. Daily pivot point is 0.8913 where AUDUSD is now trading around. AUDUSD successfully broke 0.8857 (S1) but stopped at 0.8847. Therefore, if it break below 0.8814 (S2), this could open door to 0.8758 (S3) and psychology level 0.87 in extension. On the upside, resistance can be found at psychology level 0.9000, then 0.9042 (Fibo 38.2) and 0.9136 (Fibo 61.8)
Interest rate is expected to decrease from 2.75% to 2.5%. Fundamentally, it means AUD bearish. However, I think we mayn't know what would exactly happen because AUDUSD could rise up to 0.9000 before continuing downtrend.
As we can see in daily chart, the bears still prevail since momentum is too weak and downtrend may continue. Daily pivot point is 0.8913 where AUDUSD is now trading around. AUDUSD successfully broke 0.8857 (S1) but stopped at 0.8847. Therefore, if it break below 0.8814 (S2), this could open door to 0.8758 (S3) and psychology level 0.87 in extension. On the upside, resistance can be found at psychology level 0.9000, then 0.9042 (Fibo 38.2) and 0.9136 (Fibo 61.8)