AUD Primary Cycles
The Completion of the Break & Extend pattern from the 2014 lows into major support @ 7567
has provided a robust pattern for the AUD to continue to rise up into the 3-month highs.
That 3-month high is now 80.90 in MAY, and if it's going to continue higher then the support level becomes .7802-.7819 (Yearly lows and 3-month 50% level)
Above .8090 (resistance) and trend bias is to move back towards the 2015 50% level over the next 6 months.
Short-term and we have tomorrow's interest rate announcement, and if they drop rates then it could put pressure on the AUD once again.
However, last week's spike and retracement might have that already factored in, as the Reserve bank leaked the news early.
Therefore don't be surprised to see the AUD move upwards after the news. (trade on the side of .7802)
