The AUD/USD has decreased today after the RBA, is going down and is very close to erase the yesterday’s gains, remains to see what will happen because the USD is also under pressure on the short term. The greenback may decrease further as the USDX is pressuring the 100.00 psychological level, the index is expected to increase again after the minor retreat, could bounce back from the 99.84 static support. Personally, I believe that the rate was pushed lower also because the Federal Reserve is expected to hike the rate in December 14, technically was expected to decrease a little after the impressive bullish run.

The rate has decreased even if the Reserve Bank of Australia has maintained the Cash Rate on hold at 1.50%, matching expectations. The Cash Rate remains steady after the former cut since August 2, 2016. The RBA has sustained that the economy continues to grow at a moderate pace, the RBA Gov Philip Lowe sees a remote possibility of a rate cut soon, we’ll see what will happen because the AUD/USD could drop further in the coming weeks.

The rate has decreased and has failed one again to touch the lower median line (LML) of the major ascending pitchfork, technically is expected to drop further after the last week retest of the lower median line (LML), is expected to drop because has escaped from the ascending pitchfork’s body, we’ll have a confirmation when the rate will slip again below the 50% Fibonacci line (descending dotted line) and below the 0.7382 static support. The next downside targets are at the first warning line (WL1) of the ascending pitchfork and lower at the median line (ml) of the major descending pitchfork, could reach this major downside target only if the Federal Reserve will hike the Federal Funds Rate.

The pair will decrease further only if the USDX’s drop is completed, the greenback will take the full control if the USDX will increase again, however the price could still increase in the coming days if the 50% Fibonacci line will hold.