AUDUSD – Did the RBA fake out the bulls?

Arguably, the RBA sounded more hawkist than you would have expected considering all the Covid lockdowns in the country as they look to proceed with their tapering plans, however the AUDUSD put in a false breakout above the .746 level. By the end of the session, the pair reversed back below the .7400 level. This is a risk for the bullish view on the AUDUSD and could risk a pullback towards the .7200 level once again. We also have to keep in mind that the pair held a fairly shallow retracement of the 38.2% Fibonacci level at .7446 from the 2021 highs to August lows which should keep the bears in the drivers seat.