AUD/USD back at pre-RBA levels by Milan Cutkovic

  • AUD/USD back at 0.7810, where it was trading before the RBA cut rates by 25 bps
  • The Aussie got under a lot of pressure ahead of the rate decision, which suggests specs were already positioning themselves for a rate cut, hence the weak reaction
  • Further, the USD had a very poor day in general, weaking against most G10 currencies
  • This has left short-term specs and momentum players who sold sub-0.78 covering their positions
  • Immediate resistance now noted at 0.7850/60; stops resting above

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