AUD: The Bulls Are Really Disappointed

FX_IDC:USDAUD   U.S. Dollar / Australian Dollar
The Aussie marked the fourth day of falling. Actually, that is what usually happens when the CPI Index of a country falls instead of growing. Especially if the data comes far below central bank’s expectations of 2-3%.
In fact, AUD/USD has been losing its positions since September. But the traders think there is still a good chance of a rate hike from RBA taking into account situation on Australia’s housing market. It is worth mentioning it probably will not happen until the end of 2018. The markets are used to RBA’s cautiousness.
Most of all, the central bank told not once but repeatedly it was not going to take any measures but it seems this time the markets finally believed the regulator.
So, AUD's growth potential has been depleted. The pair is nearing the 0.7700 round figure. The Aussie will probably try to form the bottom below the area (and also in case of the clear break out of the level). If it happens the things may take a turn for the worse for AUD/USD and the next bearish target will be the 0.7400 area.


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