AUD/USD: Play downward channel 1.0280/1.0460
My view all week has been that the market will get continually more bearish as this week progresses due to the RBA meeting next Tuesday (Monday is a holiday here in Australia). The market expects that the RBA will cut rates by 50bps this year but is split 50:50 on when these cuts begin, October or November.
The short-term charts are showing a nice bearish channel which I think will contain prices for the next few sessions. I am still short but will greatly reduce positioning as we near the bottom of this range, which currently is near 1.0280.