Bottom line: IF this Aussie breakdown is legit, advances should be capped by 7750s near-term with a break / close sub-7480 needed to fuel the next leg lower targeting 7327. Keep in mind we get the release of the Reserve Bank of Australia (RBA) interest rate decision tomorrow- from a trading standpoint, I would be on the lookout for a near-term exhaustion low in price to give way to a near-term recovery. The extent of that recovery will be the ‘tell’ on our directional bias heading into the start of May trade.
