17.12.2019
The pair turned down amid the expectations of interest rate cuts by the RBA early next year, as signaled by the minutes of the regulator’s December meeting presented today. Given this, along with the continuing uncertainty surrounding the US-Chinese trade talks, the pair will continue to decline.
The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the level of 50% and is declining. Stoch are also moving down.
Trading recommendations:
Sell the pair after it crosses the level of 0.6860 with a probable local target of 0.6800-05.
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