Market Outlook and Analysis (Nov2019 Week3)
Currency Pair: AUDUSD
Fundamental Analysis – AUDUSD
The RBA downgraded the Aussie economic GDP growth from 3.2% to 2.25%. The authorities believe that this is mainly cyclical and temporary. However, the growth has been downgraded for the past 8 years, suggesting that it is a structural problem and more long-lasting.
Expecting the RBA to hold the rates steady in December.
Technical Analysis – AUDUSD
AUDUSD D1 Chart – Making higher lows and highs since October
AUDUSD managed to break above the Sept & Oct highs, and making higher highs and higher lows since the lows in early October. Indicating to me that we are on a bullish run on the Daily charts.
AUDUSD H4 Chart – Bullish Bat completing lower at Support
The pair is forming a bullish Bat pattern on the H4 chart. The PRZ completion coincides with the TL Support, making it an But Zone for the Bulls. Staying above the Support TL and the previous low will be critical to know if the Bulls will continue to push this pair higher.
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