- Accommodating policy as appropriate to based on outlook assessment.
- Reasonable Chance A$ to decline further once FED hikes (if any).
- Past FALL in A$ to support economy in face of lower terms of trade.
- GDP revised lower to reflect slower population growth.(2-3%-2015/16,2.5-4% 2016/17)
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RBA WRAP-UP (Aug 2016:Is it AUSSIE's time??)
A Quick Wrap up of the RBA for future reference:
Trader's Chart: AUDUSD Master Chart (Draft)
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Trade 1: AUD/JPY Trade (March 2,15)
My first trade this week, is the AUD/JPY pair. The reason as shown in the image below, is that after a failed breakout attempt to the upside (only a couple of pips), the market reverses to the opposite side. A descending triangle is in formation. The upper (resistance) level of the new descending triangle was tested and not breached. The entry selected is below the intermediate term Fib level (0.500-93.441) as shown. Using the angle formed in the descending triangle, the projected take profit al…