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Following the 25bp cut by the RBA yesterday, the Aussie has been feeling it, losing about 100pips on an open to close basis. In the process, the pair formed a daily kumo break setup closing below the cloud for the first time since June this year. In addition to this, it also formed a medium tenkan-sen kijun-sen cross to the downside which further adds to the bearish picture. The chikou is not below the kumo, nor even entered it yet, so not in a full bear trend, but the pressure is on.
Ichimoku Wave Structure suggests we are in a possible Y-Wave in the 4th leg of it, so likely at least one more leg before a breakout. Kumo …... Keep reading