The RBA has hiked rates by 25 bps this week, how did this affect the price of AUDUSD and what could happen next?
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The RBA hiked interest rates from 2.85% to 3.10% in its recent meeting with little reaction to the price of AUDUSD. This move was expected by the market so any move higher would have been limited. The USD Index shows the price is at support which could lead to some USD bullishness returning to the market in the short term. If this happens then the price of AUDUSD could trade lower.
On the weekly chart the price is rejecting the recent swing highs and previous weekly lows of 0.6750. A rejection here would lead to the price moving lower towards the previous areas of support. The 4hr time frame shows the price had formed a double top pattern, now the pattern has been completed we could look for opportunities on other lower high opportunities.
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