DAILY NOTION - FXEMPIRE - AUD/USD & NZD/USD Forecasts - Nov 3, 2020
At 01:29 (GMT), the AUD/USD is trading .7049, down 0.0008 or -0.11%;
And the NZD/USD is at .6627, down 0.0007 or -0.11%.
The Australian and New Zealand Dollars are trading slightly lower early Tuesday after posting a dramatic reversal and higher close the previous session. The volume is light and the trading ranges tight as trimmed interest rates to near zero on Tuesday and expanded its bond-buying programme, as widely expected, while anticipating the results of the U.S. presidential election late Tuesday or early Wednesday.
What's Next?
As far as the downside is concerned, a rate cut and duration extension should be bearish, but much of the move may have already been priced into the market. Furthermore, holding an excessively short position into the U.S. presidential election may be very risky, considering that Democratic Joe Biden may win. He’s pro-stimulus, which could pressure the U.S. Dollar.
Read the original analysis here: https://www.fxempire.com/forec...
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