The United Kingdom will release BRC Retail Sales Monitor YoY; analysts expect the figure to climb from a previous 0.5% to 0.7%; a higher-than-expected result will be bullish for the Pound Sterling.
Australis will release high-impact economic indicators, starting with the Westpac Consumer Confidence Index, which is expected to drop from 84.4 to 82; a lower figure will be seen as a pessimistic result which will be bearish for the AUD.
The Westpac Consumer Confidence Change for October is expected to drop from 3.9% to -2.8%. One hour later, AU will release NAB Business Confidence for September with a consensus of 8. A higher figure will strengthen the AUD.
AUDUSD lost 0.74% in the last trading sessions of the week, and it's on a four-day losing streak; the USD strengthened after the 10-year treasury yield climbed to 3.88%. The pair continues on a downward trend, and the price broke the support level at $0.63633, reaching a new low in over two years.
The Bollinger bands are wide and moving downwards, suggesting that there will be high volatility and that price will continue to fall in the upcoming trading sessions.
The RSI is about to enter the oversold status, which could change the market sentiment; fundamental news will be key to determining if the AUDUSD pair will continue moving downwards in the short term.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
forex, technical analysis, trading indicator, fundamental analysis