AUDUSD setup in progress looking successful

This is just a quick night update on the recent move experienced on the AUDUSD. This move actually comes out as RBA holds interest rates at 2% once again signalling that there is no need for further devaluation to stimulate the economy.

Here is the brief overview of the economic indicator release results pulled from TradingEconomics.com. Meanwhile, taking a look at the charts, those long AUDUSD following my last post are raking in the benefits about now and should extend to early morning.

AUDUSD 4-Hour
AUDUSD 4-HOUR

The 0.7127 level marks a potential supply zone, but I doubt it will hold up given that this pair is fundamentals driven. The Australian Dollar has been on a decline for the past 3 years. This may simply be a temporary retracement before the bearish trend resumes. However, it should not concern you unless you expect to hold for over a year or more.

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