25bps rate cut as expected but the market reaction is interesting; AUD/USD has taken out stops above .8955 and AUD/JPY is forming a possible double-bottom at 87.20.
Short-covering from those who expected 50 bps rate cut? 0.9000-20 should be solid resistance
I’ve gone long after the announcement, but not in a big way, I don’t really want to start adding till we’re 1/2 cent up. Might be a choppy trade for a while, let’s see how it plays out… Target & stop loss? Dunno, nothing fixed atm but hard to assess from my iphone…I’ll check out my charts when I get home from work later tonight
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