AUSSIE DOLLAR , WILL IT RECOVER?
Hello Enthousiastic Analysts!
The TechnicalTrader123 here, with another Weekly Outlook this time on the Aussie Dollar.
The Aussie Dollar is one of the slowest pairs around. However slow pairs provide a fantastic platform if you're just learning how to trade; because the volatility is low, the pair is actually very easy to read.
The reason why I chose to write about this pair this week is because of the week ahead and the market environment it is in. Since the start of the year the pair has been on a massive downtrend with the ending of 2018 with the flash crash. the pair looked to recover but it is in the lowest point now since quite some time. The last time Aussie was this low was in 2016 and before that 2009!
This week ahead we have quite a lot of fundamental data coming out on AUD. Retail Sales/Cash Rate/GDP and the RBA Rate Statement.
It's obvious that something has to happen something for Australia since the economy is not really flourishing as of right now. The Inflation Decision could make a major difference and a turn around for AUSSIE.
Therefore I am expecting some bullish price action for AUD in the coming future.