AUDJPY: Expecting a drop this week - RBA Interest Rate Decision
I believe we'll see a drop in AUD against pairs this week, following the RBA Interest Rate Decision (Tuesday 7th Feb, 3.30am UK time).
Fundamentally, inflation is about where RBA believe it will peak. RBA don't like to hike rates, a 0.25% increase is expected, which I expect is already priced in. This should mean that if the rate doesn't change on Tuesday, or is the expected 0.25% then AUD will drop.
For AUDJPY, based on price action, it's just broken (and retested) a dynamic ascending trendline, as well as a weekly support, there is also a Pin Bar on the 8hr.
The 200MA is the only thing in the way, as far as I can see?
I'm going to be looking for LTF opportunities to short this pair at the start of the week.
Fundamentally, inflation is about where RBA believe it will peak. RBA don't like to hike rates, a 0.25% increase is expected, which I expect is already priced in. This should mean that if the rate doesn't change on Tuesday, or is the expected 0.25% then AUD will drop.
For AUDJPY, based on price action, it's just broken (and retested) a dynamic ascending trendline, as well as a weekly support, there is also a Pin Bar on the 8hr.
The 200MA is the only thing in the way, as far as I can see?
I'm going to be looking for LTF opportunities to short this pair at the start of the week.