According to Glen Stevens, a representative of the Reserve bank of Australia, the central bank’s current monetary policy corresponds to the present-day economic conditions. This statement seems to have triggered a wave of purchases in the market of AUDUSD as investors assume that the RBA is not going to lower the interest rates in the near future.
According to the Department of Masterforex-V Trading System , AUDUSD is currently recovering (mid-term trend) against the long-term downswing. A break below 1.0596 will continue the forming of sib-wave 4 inside the mentioned downswing. The closest target is the long-term MF pivot. Once the price breaks above the MF sloping channel and pivot 1.0794 (as shown below) the downswing will be completed.
