The Australian dollar suffered from the global sell-off in stocks and the accompanying risk-off sentiment. What’s next? A busy week includes inflation and retail sales among other figures. Here are the highlights of the week and an updated technical analysis for AUD/USD.
RBA officials did not rock the boat in the past week and left AUD/USD to rock by the moves in global markets. The attempts of the Chinese authorities to calm markets by announcing stimulus provided only a short-term relief. Stocks dropped all over the world and the Aussie, a risk currency dropped. US figures were mixed and the fall is more related to tariffs and the Fed’s policy than anything concrete.
AUD/USD daily graph with support and resistance lines on it. Click to enlarge:
