Australian Dollar Can Hang On Again, But Downward Bias Remains

AUD/USD

Fundamental Australian Dollar Forecast: Neutral

  • The Australian Dollar has held up quite well this month
  • Overall risk appetite will probably decide its fate
  • However this week’s local economic events may be supportive

Find out what retail foreign exchange traders make of the Australian Dollar’s prospects right now, in real time, at the DailyFX Sentiment Page

The Australian Dollar continues to hang tough against its US cousin, holding still above the long downtrend line that had held sway for much of this year, until November 1 indeed.

AUD/USD may manage to stay around current levels in the week ahead, assuming the overall risk appetite that tends to favor the Aussie holds firm. Investors will not see a huge amount of Australian data to add to their current picture of an economy performing rather well overall. They will however get the minutes from the last Reserve Bank of Australia monetary policy meeting, which took place on November 6.

The Official Cash Rate was left on hold at its record, 1.50% low back then. This surprised no one given inflation’s enduring weakness. It also meant that

Article source: https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2018/11/16/Australian-Dollar-Can-Hang-On-Again-But-Downward-Bias-Remains.html