Forex: AUD/USD set for bearish continuation?
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AUD/USD
FXstreet.com (San Francisco) - After closing at 4-day lows and shedding 0.4% on Thursday, AUDUSD now exchanges at 1.0430 as it trades a tight 1.0420-1.0440 range in Asia, consolidating overnight losses. Spot also printed a bearish outside day - encouraging for participants looking for opportunities to short the market.
Valeria Bednarik, Chief Analyst at FXstreet.com, says that the bearish momentum has accelerated, "yet 1.0410 needs to give up to confirm a bearish continuation for this Friday," she comments.
Tight ranges are expected ahead of next week's Reserve Bank of Australia monetary policy meeting. "Australian private sector credit grew by 0.1% in October against expectations of +0.3%," explains Sean Lee, founder of FXWW. "The futures markets are now pricing in an 85% chance of a rate cut on Tuesday."
Valeria Bednarik, Chief Analyst at FXstreet.com, says that the bearish momentum has accelerated, "yet 1.0410 needs to give up to confirm a bearish continuation for this Friday," she comments.
Tight ranges are expected ahead of next week's Reserve Bank of Australia monetary policy meeting. "Australian private sector credit grew by 0.1% in October against expectations of +0.3%," explains Sean Lee, founder of FXWW. "The futures markets are now pricing in an 85% chance of a rate cut on Tuesday."
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