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AUD/USD Breaks Trendline Support after RBA Meeting Minutes

The AUD/USD was flat and slightly bearish ahead of yesterday's RBA meeting minutes


(audusd, 4h chart, 5/20)

Break of Trendline after RBA
The minutes revealed no rush to raising rates, and the AUD/USD extended a bearish attempt, breaking below a rising trendline support that came up from 0.8660, 2014-low made in late January.

Oversold, Pullback, Bearish Scenario:
Note that the 4H oscillators are oversold. If there is a pullback, see if it will hold south of the 0.9310-0.9320 support/resistance pivot area. Also, see if the 4H RSI will hold below 60. If, so the bearish scenario remains, the next couple of targets/support levels area:
1) 0.92-0.9213 area, a previous support pivot
2) 0.9135-0.9155, previous resistance up to 38.2% retracement. In the daily chart, you can see that the 0.9135-0.9155 area will contain the 200 and 100 simple moving averages.


(audusd daily chart, 5/20)