AUDUSD Forecast: Aussie Traders Focused on Trump-Xi Meeting
Traders focused on Trump – Xi Meeting at G20 Summit and RBA’s Monetary Policy on Tuesday.
- The Australian Dollar could gain if the weekend G20 brings a softening on trade war.
- The RBA’ monetary policy will be set on Tuesday.
- Dovish comments from FED members may help AUD vs USD:
Aussie Bulls are hopefull however given the complexities of the trade impasse, it seems unlikely that concrete progress can be made just yet so, to that extent, the AUD/USD market could be set up for disappointment.
Another issue is RBA’s monetary policy. It is obvious that the RBA has been pleased by the AUD’s decline this year as it has helped it to deal with persistently weak inflation. The markets will await any statement with interest rates. If such kind of a statement does not come out, bearish pressure may occur on the pair.
Another fundamental component is FED. The markets become suspicious for number of the rate hikes in 2019 by the “dovish” speech of Jerome Powell.
AUDUSD broke the bearish trend channel. The pair is trading in an ascending trend channel on the daily chart. We saw two abortive attempts to break out 0.73500 resistance.
0.74000 remains as a strong resistance and market will look for a real game changing fundamentals in this week. “No signals of interest rates from the RBA , no break out of 0.74000. “
The direction of the pair will be clarified after RBA’s monetary policy.
You can check our signal results
Subscribe to our services free of charge
Subscribe to our premium packages if you would like to get 1000+ instruments analysis and trade signals of Chartreadreadepro.