The Australian dollar slid after the RBA signalled it was near the conclusion of its tightening cycle. The pair pierced December’s lows around 0.6650 and opened the door for a liquidation towards 0.6500. In the medium-term, the correction could threaten the rebound from last October and turn it into a reversal. As the RSI dipped into oversold territory, profit-taking may trigger a limited bounce. 0.6650 has become a resistance and 0.6770 at the top of the recent consolidation may see more bears selling into strength.
