With the RBA including the wording “flexibility” to its statement, the AUD saw a fall back from the 9170 area. It seems there is a possibility that the RBA may pause at one ofthe next few meetings from hiking rates. Thus with no clear signal that rates will be hiked in the consecutive months ahead, traders have trimmed their long positions ahead of Q3 GDP tomorrow.
Intraday buyers here at 9120 looking to range play, with the serious bids at 9050. Topside will be limited to 9170-80 in Asia. Im happy to keep selling the rally, for an eventual break lower to 8940-50.