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AUD/USD Daily Forecast – 24 November

Thursday, Nov 23 2017
AUD/USD Daily Forecast – 24 November

There were no data releases from Australia yesterday. The rallies in the Australian and New Zealand Dollars continued to pick up momentum on Thursday as bullish investors took advantage of thin trading conditions and oversold conditions to drive the Forex pairs not seen in a week. A change in sentiment may be setting up the Aussie for a prolonged rally. The Australian and New Zealand Dollars are also being underpinned by comments from Fed Chair Janet Yellen before the release of the Fed minutes.

Additionally, the Australia-U.S. two-year bond spread has drifted higher in the past few days to 5 basis points, after briefly dipping below zero on Tuesday for the first time in 17 years. Finally, we can build a case for a bullish AUD/USD if we combine the Fed comments with the improvement in the global economic outlook, and RBA Governor Lowe’s recent positive comments on the Australian economy.

 

There will be no data releases both from Australia and USA tomorrow so we can expect another less volatile session.

More in this category: « EUR/USD Daily Forecast – 23 November GBP/USD Daily Forecast – 24 November »

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