Tonight at 10:30pm EST the RBA will release its decision and statement on rates. The AUD/USD is currently poised to make a run at 0.9100 and with the expectations of rate hike (.25 basis to 7.00%) the level could surely be expected to be broken to the upside.
The interesting scenario becomes if the rates are not hiked at the current wedge is tested to the downside breaking the short term intraday uptrend.
We’ll have to play this pattern to both sides (like all rising or falling patterns) and if the continuation fails, then be ready for the support uptrend line to be broker and play the reversal. - Corey, Autochartist.
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