We are waiting for a powerful downtrend impulse.

Yesterday the minutes of the Fed meeting held on January 30-31 were published. The data released strengthened the outlook for an imminent increase in the interest rate and helped strengthen the dollar. Thus, the dollar index rose above the level of 90.00.

Yesterday’s data from Australia showed mixed dynamics and did not affect the exchange rate of the national currency.

Our pair began a downward movement at the end of January, after reaching the biggest highs since September 2017.

The MACD histogram is located in the negative zone and the price is below the moving average MA (21).

When we look at our chart from the side of wave analysis, we see that the first powerful index was completed, as well as the second correctional wave. We can expect the next powerful downward impulse within the third wave.

Therefore, we would look for points to enter short positions and set targets near the levels of 0.7750 and 0.7700.