AUD has proven to be stable one, watch high impacted news events for direction of the trend

AUD has proven to be stable one during the last 3 months because of constructive outlook from the Reserve Bank of Australia and expected easing. Chinese data respond to fiscal/monetary policy so we should expect AUD to continue outperformance against NZD, USD and CAD. We will see many high impacted news events related to AUD incl GDP which may help us to evaluate this currency related to USD and others for this week.

There are the following news events which will be affected on AUD/USD price movement for the week:

• 2015-12-01 03:30 GMT | [AUD - Cash Rate]
• 2015-12-01 03:30 GMT | [AUD - RBA Rate Statement]
• 2015-12-01 23:30 GMT | [AUD - RBA Gov Stevens Speech]
• 2015-12-02 00:30 GMT | [AUD - GDP]
• 2015-12-02 17:25 GMT | [USD - Fed Chair Yellen Speech]
• 2015-12-03 00:30 GMT | [AUD - Trade Balance]
• 2015-12-03 15:00 GMT | [USD - Fed Chair Yellen Speech]
• 2015-12-04 00:30 GMT | [AUD - Retail Sales]
• 2015-12-04 13:30 GMT | [USD - Non-Farm Employment Change]

 

As we see from the chart above - AUD/USD is on bearish market condition for the ranging within 0.7381 resistance and 0.6907 support. Symmetric triangle pattern was formed by the price to be crossed for the direction of the movement: if this pattern (respective trendline of the pattern) is crossed to above by the price so we may see the local uptrend as the bear market rally within the bearish; if respective trendline of the pattern is crossed to below so the bearish trend will be continuing. That is why we should watch the fundamental economic news events for this week just to understand the direction of the price movement which may be established for the first halh of 2016 for example.