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AUD Weekly Forecast – Cues from Market Risk Appetite

AUD Weekly Forecast – Cues from Market Risk Appetite

Not a lot going on in Australia’s calendar this week, which means the Aussie will likely take cues from global risk sentiment. Planning on trading the

Rupee opens 7 paise lower at 71.27 against dollar
EUR & CHF Weekly Forecast – Dip in November PMIs Expected
NZD Weekly Forecast – Trade as A Risk Currency

Not a lot going on in Australia’s calendar this week, which means the Aussie will likely take cues from global risk sentiment.

Planning on trading the comdoll in the next few days?

Check out the potential catalysts you need to watch out for!

Sentiment reports

  • NAB’s business confidence index (Nov 10, 12:30 am GMT) to improve from -4.0 to -3.0 in October
  • Westpac’s cousumer confidence (Nov 10, 11:30 pm GMT) seen climbing from 105.0 to 108.0 in November
  • MI’s inflation expectations (Nov 12, 12:00 am GMT) could slow down from 3.4% to 3.3% in October

China’s data CPI and PPI numbers

  • Annual consumer prices (Nov 10, 1:30 am GMT) to dip from 1.7% to 1.0%, the lowest since February 2017
  • Producer prices (Nov 10, 1:30 am GMT) seen printing at -1.8% (from -2.1%) in October

Overall risk appetite

  • New lockdown measures in major economies and the prospect of double-dip recessions could limit the demand for commodity-related currencies like the Aussie
  • U.S. election results can also cause intraday volatility for the comdolls
  • Top-tier events, such as the U.K. GDP report and the U.S. CPI release, can affect intraday demand for AUD
  • Further easing from the Reserve Bank of New Zealand (RBNZ) could weigh on the Aussie against some of its higher-yielding counterparts

Technical snapshot

  • Bollinger Bands suggest that AUD/USD is “overbought” on the daily time frame
  • The rest of the major AUD pairs are also nearing “overbought” status
AUD Forex Pairs Bollinger Bands from MarketMilk
AUD Forex Pairs Bollinger Bands from MarketMilk
  • EMAs reflect the Aussie’s short and long-term bullish trends against most of its major counterparts
  • Only AUD/NZD is seeing bearish trends on the daily time frame
AUD Forex Pairs EMAs from MarketMilk
AUD Forex Pairs EMAs from MarketMilk
  • AUD was most volatile against the safe havens and the euro in the last seven days
AUD Forex Pairs Volatility from MarketMilk
AUD Forex Pairs Volatility from MarketMilk

Missed last week’s price action? Read AUD’s price recap for Nov. 2 – 6!

This post first appeared on babypips.com

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