AUD/USD: Hawkish RBA, China And Elections Will Define The Aussie Trend
Gregor Horvat | May 16, 2022 04:23AM ET
We are seeing some recovery on stocks since Friday, but USD remains mostly bullish, especially vs metals. Aussie also see some intraday swing down after news data from China showed that Retail Sales contracted by 11.1% on a yearly basis in April. Also, Shanghai remains under coronavirus controls meaning that Aussie can stay under pressure here.
However hawkish RBA and Australian elections can potentially put some new swings in play on the Aussie pair. Technically we see pair in the late stages of wave C, possibly even making a wedge here, so we assume that sooner or later the pair will stabilize. Higher stocks could also help Aussie to find new buyers.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.