AUDUSD - Short Post RBA rate decision

As expected the RBA cut rates on Tuesday from 1% to 0.75% and indicated that it is open for further easing in future to boost the Australian economy leading to the currency pair breaching 0.67. We expect AUDUSD to keep dropping as equity markets fall on the back of weak recent global economic data whilst a stronger than expected payroll number Friday could provide some upside to the US dollar.

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Direction should be short not long!