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AUDUSD Forecast: Aussie Traders Focused on Trump-Xi Meeting

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.

Fundamental Highlights:

  • 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.

Technically:

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.

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AUDUSD Forecast:Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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