I'm thinking that AUD pairs will drop if the RBA either meet the expected 0.25% rate hike, or it's lower than this, as 0.25% should already be priced in. I'm not expecting a hike above 0.25% when the decision is announced this Tuesday at 3.30am GMT.
Looking at the price action, I think we'll either see a big move down, or a bounce from the support area, which could form a H&S pattern on the weekly, before continuing down. On the 8Hour chart price is below the 100MA, the 200MA is bang on the order block.
If RBA don't raise rates, or they go for a 0.10% (as they have before) then I think we'll see a big move down to 0.895. If the rate hike is 0.25% I'm thinking we'll see a bounce from the order block (to retest the 0.93 area). Either way, ultimately I think we'll reach 0.895 (particularly if DXY shows the strength I'm expecting in the next week or so).
Looking at the price action, I think we'll either see a big move down, or a bounce from the support area, which could form a H&S pattern on the weekly, before continuing down. On the 8Hour chart price is below the 100MA, the 200MA is bang on the order block.
If RBA don't raise rates, or they go for a 0.10% (as they have before) then I think we'll see a big move down to 0.895. If the rate hike is 0.25% I'm thinking we'll see a bounce from the order block (to retest the 0.93 area). Either way, ultimately I think we'll reach 0.895 (particularly if DXY shows the strength I'm expecting in the next week or so).