Another warm congratulations to the RBA this morning from BofAML:
AUD/$ is set to resume its bull trend. The almost 2wk old contracting range/Triangle is drawing to a close. The impulsive gain from the 0.8658 Jan 24 low says upside targets are seen to the confluence of resistance between 0.9269/0.9338. Further supportive of the bullish view is the potential for a short squeeze, as positioning remains at bearish extremes. Pullbacks should not break 0.8936 and can’t close below the 50d at 0.8903.
That king hit the RBA landed on its own jawbone has us out good and proper:
My medium term view remains unchanged but in the meantime this is really hurting the economy.