Bears started to bet against the Australian dollar during the course of the trading session on Thursday after the market digested the 25-basis point rate hike from the Reserve Bank of Australia. The rationale behind slower than expected rate hike is to shrink the demand without deteriorating the Australian economy. However, the Federal Reserve is still hawkish and the Australian dollar is a risk-sensitive currency. So, we can expect the AUD/USD to correct further. The pair is trading 0.65% lower than the previous close at the time of reporting.
Pivot Points on the hourly timeframe
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