Australian Dollar Shows Some Rare Resilience, May Hold Up

AUD/USD

Fundamental Australian Dollar Forecast: Neutral

  • The Australian Dollar remains quite unloved
  • It is likely to stay that way for as long as interest rates so clearly favor the greenback
  • However there could be scope for a little Aussie fightback now if risk appetite doesn’t crack

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 heads into a new week in perhaps one of the strangest positions besetting any widely-traded currency.

Its low point for the year against the US Dollar remains uncomfortably close for the bulls. All the same, AUD/USD last week breached the downtrend that had dominated for nearly all of 2018, thanks to strong domestic trade data and some broader weakness in the greenback.

Australian Dollar Shows Some Rare Resilience, May Hold Up

So where next? Well, the Reserve Bank of Australia will give its November monetary policy dispensation on Tuesday, in the biggest local economic event of the week. The RBA does not often provide much succor

Article source: https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2018/11/02/Australian-Dollar-Shows-Some-Rare-Resilience-May-Hold-Up.html