As per my expectations RBA has indeed pulled the trigger and cut the main interest rates by 0.25% to 2.00%. I have been warning of the high probability of an cut in my recent post here: Preparing the Week Ahead However despite this move from RBA, the market reaction was not as per my expectations as I was looking for more downside.
I only may guess that the market was heavily short and the rate cut was already price in by the market, so we got a short squeeze. In this regard I can see this AUD rally as an opportunity for a short, however timing is key, and we may need 1-2 days for the market to re-position and I'll be waiting for a distribution phase before deciding to go short again.

I was trying to play the RBA rate decision by going long EUR/AUD, but I was quick enough to move my SL at BE after the first reaction (see Figure 1) as I didn't liked to way it behaved. I knew that if price comes back to my entry point the market is heading down and I no longer want to be in the trade so I decided to play it safe, and it seems that it was the right move to make. At one point I was +100 pisp in profit but everything happened to fast in this kind of environment.

Figure 1. EUR/AUD 1 Minute Chart

Best Regards,
Daytrader21
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