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Recap: Neither trade was triggered yesterday (resistance or support break) as the pair slowly but surely continued its upward climb.
Today's Important News Events:
|04:30||AUD Reserve Bank of Australia Rate Decision (MAY 1)||4.00%||4.25%|
|14:00||USD ISM Manufacturing (APR)||53||53.4|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
The news of the day has got to be the Aussie Reserve Bank cutting its interest rate a full 50 basis points to 3.75% when this bank has traditionally been one of the most hawkish institutions. The news has led to a massive sell off in AU which is a combination of unwinding carry trades, news algos processing the news and speculative trades about what this means for the Aussie economy.
EU has remained surprisingly buoyant despite the large drop in AU but if the selling continues then we expect the weight of that dollar buying to begin pull down the EU as well.
Trading Idea: The resistance was just broken a short while ago and we are taking an aggressive long at current price (1.3265) with targets at 20/20/25/25 for 90 pips profit. We will close if the current candle closes below 1.3265 (false break) and then look to re-enter or get short on a support break.