AUDUSD has been in a downtrend since the beginning of September and we expect there to be continued pressure on the currency pair due to the strong possibility of the RBA cutting rates from 0.25% to 0.1% in November. Therefore we hold a short view and our first target is for AUDUSD to consolidate below support at 0.70892 as we await Westpac consumer confidence tomorrow and Australian unemployment data on Wednesday for potential price action.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.