We didn't catch the AUDUSD trade this morning but we traded the EURAUD and AUDJPY . In fact we shared the EURAUD trade idea (https://www.tradingview.com/chart/EURAUD...) yesterday before RBA today.
Our traders know how we leverage on the risk events and trade the fundamental catalyst in the financial market. Understanding the concept of waves movement in the market - impulse or corrective - is crucial in knowing with high probability where price is likely to go.
As shared with our traders over and over again, DO NOT jump into a trade after an impulse move.
So what's next for AUDUSD post RBA?
Here're some current views and analysis -
1) Previous price move hit the 161.8% fibonacci level, giving us an expectation of a 5-wave structure developing.
2) Price came into the 23.6 - 38.2% fibonacci level potentially completing the minimum expectation for a wave 4 correction.
Depending on how price react from here -
1) If price develop as a correction, we are likely to see another push lower;
2) If price bounce off from this level, we are likely to see price reaching for 0.7740 area.
**This Friday NFP might be the key in providing us more information.