The anticipated rate hike is here and investors are selling the Aussie buck. The new RBA cash rate jumped another 50 basis points this month and beat expectations by 25. Today’s hike could have already been priced in as investors were expecting a higher rate, but Taking a look at the 4Hour timeframe for Pound-Aussie, the pair is coming off a resistance level in the 1.74s. The pair shot up after the hike, but it still looks bearish for a couple reasons. Even though the pair jumped, it still couldn't break above that previous top. Price also formed lower lows and highs on this timeframe suggesting weak upside potential. If the pair sells off, price could move to that target zone in the 1.728s.
