News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/N2GqH7QoOd
  • RT @mkraju: Manchin signaling he’s open to $1.75T for social safety net bill, per source briefed on matter, but it’s unclear where the pric…
  • Further your forex knowledge and gain insights from our expert analysts @JohnKicklighter and @JStanleyFX on $USD with our free Q4 market analysis guide, available for free today. https://t.co/7G7pWntiyY #DailyFXGuides https://t.co/XYCRng3hEW
  • RT @JournalistRoss: From CNN's @mkraju: The goal among Democratic leaders is to have a vote Wednesday or Thursday on the infrastructure pac…
  • *Reminder: Weekly Strategy Webinar tomorrow at 8:30am ET on @DailyFX !! https://t.co/lxd5fZnn4H
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/L15w1dzclc
  • Wow Liverpool... https://t.co/9Mx6Xmw4iS
  • With the $SPX, Bitcoin and Fed 2022 rate forecasts pushing record highs; the heavy economic docket for the coming week will make for some loaded trading potential. The events and markets I'm looking at ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/10/23/SP-500-Reversal-ECB-Decision-FAANG-Earnings-Top-Volatility-Themes-Next-Week.html https://t.co/1SGirtalSb
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/wdbXlx7ChB
  • Further your stock trading knowledge and gain informed market analyses from our expert analysts @HathornSabin and @JMcQueenFX on Indexes with our free Q4 guide, available today.https://t.co/YQG1aaIT8C #Dailyfxguides https://t.co/qqYNi1RA2F
Australian Dollar Forecast: Wall Street Losses Threaten APAC Trading as RBA Looms

Australian Dollar Forecast: Wall Street Losses Threaten APAC Trading as RBA Looms

Thomas Westwater, Analyst

Australian Dollar, AUD/USD, Crude Oil, RBA, APAC – Talking Points

  • Asia-Pacific trading may open to the downside after tech leads Wall Street lower
  • The Reserve Bank of Australia rate decision is in focus for today’s APAC session
  • AUD/USD takes aim at the falling 50-day SMA after overtaking the 26-day EMA

Tuesday’s Asia-Pacific Forecast

A down day on Wall Street may see Asia-Pacific markets open to the downside. The technology-heavy Nasdaq 100 index lost 2.16% Monday, with Facebook leading markets lower as the social media grapples with a platform-wide outage. That follows poor performances across Asia and European equity markets on Monday. Treasury yields ticked higher, although the 10-year note’s yield failed to maintain above the 1.5% mark.

Crude oil prices hit the highest level in seven years, with WTI climbing over 3%. Energy traders hit the buy button after the Organization of the Petroleum Exporting Countries (OPEC) and its allies declined to increase production despite rising consumer demand. Some analysts expected an increase to 400k barrels per day in November, but OPEC opted to continue with a production increase of 400k barrels. The news lifted Brent oil and gasoline prices higher as well.

An interest rate decision from the Reserve Bank of Australia (RBA) is set to cross the wires today at 03:30 GMT. Analysts expect no change in the RBA’s benchmark rate, and the dovish outlook is likely to remain the set course for the central bank. Australia’s economic progress took a hit earlier this year as the Delta variant put Victoria and New South Wales (NSW) under lockdowns. The Australian Dollar is gaining versus the US Dollar into the morning APAC session.

The Reserve Bank of New Zealand (RBNZ) will publish its own interest rate decision later this week. The island nation is set to increase its benchmark rate by 25 basis points, marking the first hike from a major Asia-Pacific central bank. Elsewhere, Bank of Japan Governor Haruhiko Kuroda will speak and Australia’s August trade data will cross the wires.

AUD/USD Technical Forecast

AUD/USD rose overnight, breaking above its 26-day Exponential Moving Average (EMA), which may step in to provide support this week. Bulls drove prices higher from last week when prices hit the lowest level since mid-August. The MACD line crossed above its center point, indicating healthy momentum. Bulls may attempt to overtake the 50-day Simple Moving Average (SMA) this week.

AUD/USD 8-Hour Chart

audusd

Chart created with TradingView

--- Written by Thomas Westwater, Analyst for DailyFX.com

To contact Thomas, use the comments section below or @FxWestwateron Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES