The rate cut is banked and we’re below 1.0200 but still there’s no big rush to the exits. Even with a rates now at 2.75% it still presents a decent level to park your money.
Bids that came in at 1.0180 are soaking up the selling for now while offers around 1.0200 halted any bounce.
There is further support at 1.0165/70 and 1.0145/50. Under that little lot we have the March low at 1.0114.
Certainly the converging triangle seems to be finally broken but we’ve been here before so time will tell.
The pressure is now to the downside so selling rallies up towards previous support at 1.0220 and 1.0300 will be the plays for now.
