AUDUSD continues on the bearish run ahead of Aussie’s Cash Rate. Rates were reduced just last month and rates are expected to be reduced once again later in the day. It is highly possible that prices would decline further and we can await exhaustion at Fibonacci Expansion 200.0% at 0.7562.
Observing the H4 chart, candles now lie near the resistance at 0.7740. When cash rate was reduced last month, candles plunged towards 0.76 reaching a lowest of 0.7625. Should rates be reduced again today, we can expect prices to form a new low should candles break below 0.7647.
Focusing on H1 chart, 0.7748 acted as a support-turned-resistance where candles continued on the bearish run after a short retracement. With expectations of a reduced cash rate later in the day, prices are expected to continue on the bearish run and high volatility is expected.