The AUD/USD is on the Rise
Rowan Crosby • 1 min read
The AUD/USD had a pretty rough week, led by and large by a big risk-off move. The commodity currencies often bare the brunt of these types of sell-offs and sure enough, that’s what we got last week.
On Monday, the Aussie is pushing a bit higher. Some comments from the RBA’s Kent, suggests that the next rate move in Australia will be up… just not anytime soon.
The RBA are still waiting on a few key metrics to pick up including, employment and wage growth. However, last weeks GDP debarcle will likely take some time to heal.
As such predictions of a 2019 hike appear thin.
This week the data is far lighter than last week as we move into what can only be described as holiday trade.
So far the AUD/USD is pushing higher, but we are well off the highs of around 0.7300 that we saw last week.
The AUD/USD dropped the major level at 0.7300 and dumped all the way to 0.7200.
So far we are seeing some buying coming back in today, but in reality we won’t know much until US markets open in my opinion. As that is were the sentiment is coming from at the moment.
However, 0.7200 is up and holding for now.