Sell on a level breakthrough of 0.7040 with 0.6940 target. Stop loss = 0.7090.
Reason for the trading strategy
The RBA has kept its key interest rate unchanged at 2%. The regulator noted that at the moment there is a depreciation of the Aussie due to a fall in the prices for key commodities. The situation in China and East Asia is deteriorating. The available capacity in the economy is likely to persist for some time. The inflation will remain in the target range, even if the exchange rate of the Australian dollar is low. Thus, the regulator will probably not impede a further weakening of the Australian dollar.