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    AUD/USD Turns Bullish as Risk Appetite Improves

    Abstract:Although recent headlines stated that Australia’s largest trading partner had banned coal imports from the country, AUD/USD appears to be unfazed. Australia’s Trade Minister Simon Birmingham insisted that “we do not have proof that this is occurring.”

      WikiFX News (17 Oct.) - Although recent headlines stated that Australia‘s largest trading partner had banned coal imports from the country, AUD/USD appears to be unfazed. Australia’s Trade Minister Simon Birmingham insisted that “we do not have proof that this is occurring.” Besides, the AUD/USD prices may find its advance from the monthly low of 0.7096 further fueled as its bearish momentum has faltered amid the improving risk appetite.

      At the same time, the Australian Securities Exchange estimated a greater than 70% probability for a rate cut in November. Moreover, while the Reserve Bank Board is likely to consider accepting additional monetary easing to support jobs, speculation for an RBA rate cut may produce headwinds for the Australian dollar.

      Tilts of key markets may continue until then. The IG Client Sentiment Report shows 39.87% of traders are net-long AUD/USD with the ratio of traders short to long standing at 1.51 to 1. The fact that traders are net-short suggests the AUD/USD prices may continue to rise. If AUD/USD breaks/closes above 0.7180, a breach above the 0.7270 area may be expected.

      All the above is provided by WikiFX, a platform world-renowned for foreign exchange information. For details, please download the WikiFX App: bit.ly/wikifxIN

    分析-10.17.png

      Chart: Trend of AUD/USD

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