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Not a lot of top-tier reports from Australia, which means traders will likely look to risk sentiment for direction.
Which potential catalysts should you watch out for?
I’ve got a list!
Domestic economic updates
- Australia’s PMIs climb in November
- Quarterly construction work done (Nov 25, 12:30 am GMT) seen falling by another 1.7% after 0.7% dip in Q2 2020
- Quarterly private capital expenditure (Nov 26, 12:30 am GMT) could ease from -5.9% to -1.3% in Q3
- China is one of Australia’s biggest trading partners, so traders will likely price in the industrial profits (Nov 27, 1:30 am GMT) release that’s expected to show a 0.6% from a 2.4% decline in September
Market risk appetite
- Reserve Bank of Australia (RBA) Deputy Governor Guy Debelle will talk monetary policy on Nov 24, 2:30 am GMT. RBA has dialed down talks of negative rates and concerns over a strong AUD but keep close tabs in case we see market-moving remarks from Debelle
- Escalation in Australia and China’s trade tensions can factor in AUD’s overall demand this week
- Stimulus drama between the Fed and Treasury can influence overall risk-taking in the markets
- Pandemic-related updates (lockdown plans, vaccine prospects, etc) will continue to affect the demand for high-yielding bets like AUD
Technical snapshot
- Stochastic considers AUD/USD, AUD/CHF, and AUD/CAD as “overbought”
- AUD/NZD may be “oversold” on the daily time frame
- GBP/AUD remains in neutral territory
- EMAs show AUD’s short and long-term daily trends against the safe-havens, euro, and the Loonie
- AUD/NZD is on short and long-term bearish trends
- Watch out for potential retracement or reversal on GBP/AUD
- Like Kiwi, the Aussie has been most volatile against the safe-havens and the euro in the last seven days
Missed last week’s price action? Read AUD’s price recap for Nov. 16 – 20!
