The Australian Dollar is accelerating its tumble. The fundamental catalyst is reported as being weak retail sales that will lead to a rate cut tomorrow. Let's take a look at the charts.
First is a GBPAUD daily chart.
The 50 SMA crossed above the 200 EMA long ago, and we see the trend accelerated -- as evidenced by the development of steepening trendlines.
Here's the AUDUSD weekly chart; price is below the 50 SMA and 200 EMA here. We haven't been at these levels since late August of 2010, nearly three years ago.
The AUDJPY chart has fallen to a key support level on the daily chart. Could this pave the way for a "sell the rumor, buy the news" situation in which AUD rallies after the RBA rate announcement tomorrow?
First is a GBPAUD daily chart.
The 50 SMA crossed above the 200 EMA long ago, and we see the trend accelerated -- as evidenced by the development of steepening trendlines.
Here's the AUDUSD weekly chart; price is below the 50 SMA and 200 EMA here. We haven't been at these levels since late August of 2010, nearly three years ago.
The AUDJPY chart has fallen to a key support level on the daily chart. Could this pave the way for a "sell the rumor, buy the news" situation in which AUD rallies after the RBA rate announcement tomorrow?
by Simit Patel via InformedTrades
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