"We may have seen the top of the AUD at 0.78 US cents", say Sydney-based Saxo traders

The Aussie Dollar plunged more than 200 basis points following the release of the quarterly CPI number for Australia on Wednesday 27-April. The -0.2% for the 1Q16 was the lowest in seven years. According to Sydney-bases Saxo Capital Markets' traders, the most recent price actions seem to indicate that "we may have seen the top on AUDUSD at 0.7834". Saxo traders expect the AUDUSD to remain under further selling pressure as the probability of the rate cut in the next RBA meeting has now risen from 16% to 53%. To know more about Saxo Capital Markets' short-term strategy for the AUDUSD, and where stop loss and take profit levels are recommended, click the following link: (VIEW LINK)