Next week the RBA is widely expected to remain on hold and unlikely to waver from its neutral stance.
Traders will also be focused on the accompanying statement for any clues on how the RBA views the global landscape.
Rising commodity prices have offered a glimmer of hope for the Aussie Bulls but concerns over next week Q3 GDP print present significant downside risk.
However, broader US dollar moves will likely determine the next ” big ” move for the Aussie, and with the USD expected to reassert it’s dominance early next week, we may see a retest of the .7370 level more so if commodity prices probe lower at the beginning of the week.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.