The Australian dollar managed to stabilize amid OK data. A very busy week awaits the Aussie, including a rate decision and the GDP data. Here are the highlights of the week and an updated technical analysis for AUD/USD.
Data coming out of Australia was mostly positive: private capital expenditure came out as expected but came with a small upwards revision. Building approvals already beat expectations outright. China’s manufacturing PMI picked up in November. However, this was not enough to tackle the rising US dollar: a potent mix of data, including GDP, consumer confidence, and new home sales, joined an upcoming tax reform and upbeat comments from Fed officials.
Updates:
AUD/USD daily graph with support and resistance lines on it. Click to enlarge:
