AUD monthly and WeeklyAUD rallied on the rate cut, but that move back towards the December 50% level was going to happen regardless because of last Friday's close above the 3-week highs.
AUD failed to continue higher this week, resulting in a failure below the 4th Quarter lows and December 50% level.
In the mean time I would look for a 2 week consolidation pattern between this week's highs and the Weekly 50% levels.
There is still the potential for the AUD to continue back down but I'll come to that in January.
Either AUD follows the Quarterly breakout pattern and continues down into January...
Or price moves upwards from the January 50% level and swings back towards the Quarterly 50% level which matches the 3-month highs.
All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
