12/5/2011 RBA Rate Statement / Cash Rate (1730 HI time / 2230 EDT)
SPIKE WITH 2ND PEAK
Started @ 1.0119
1st Peak @ 1.0079 – 1731 (1 min)
2nd Peak @ 1.0068 – 1744 (14 min)
Reverse to 1.0096 – 1733 (3 min)
Notes: At its meeting today, the RBA decided to lower the cash rate to 4.25 per cent, effective 7 December 2011, matching predictions. This caused a healthy down spike, followed by a 2nd peak and reversal. If using JOBB, you would have filled short. Keep an eye on the Range. It fell and then commenced a ratcheting / seesaw routine for 30 sec, then only a few transactions were recorded in the next 30 sec. I would close out then at about 1.0090 or wait to see what the 1732 candle does. The double bottom on the 1 min chart is a 6x bottom on the range chart.