What can't go up, must come down
The Australian dollar couldn't sustain a rally on the RBA holding rates, it couldn't climb in China cutting rates and it couldn't break out in a squeeze higher yesterday. Even the RBA's Lowe laying off the jawboning yesterday couldn't help.
Now AUD/USD is moving to the downside as it erases most of the post-RBA move (you could call it a pre-RBA move because AUD/USD jumped 43 seconds before the announcement).
There is talk about bids at 0.7770 but even if that provides a temporary bounce, there isn't much to get excited about. The ultimate sign of weakness is when something can't rally on good news and AUD/USD just can't find a footing.
