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AUD/USD Outlook (16 November 2021)

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AUD/USD Outlook (16 November 2021)

ByJin Dao Tai

 NOV 16, 2021

AUD/USD Outlook (16 November 2021)

Overall, AUD/USD is trending downwards. Recently, AUD/USD broke the resistance zone of 0.73300.

In the released monetary policy meeting minutes, it was highlighted that the committee members felt that with the increasing inflation risks, it is possible that an earlier increase in cash rate is possible and appropriate. And for the RBA to retain its yield curve control (YCC) of the April 2024 government bonds, this could lead to the central bank purchasing all the freely tradable bonds, leading to the cessation of trading activities in that bond. With that, it will remove the usefulness of the target as an effective anchor for other interest rates. Hence, the RBA decided to end its YCC.

RBA Governor Lowe will be speaking later at 1030 (GMT+8). During this time, there may be volatility in AUD.

Currently, AUD/USD is testing the support zone of 0.73300 and the next support zone is at 0.75000.

Look for short-term buying opportunities of AUD/USD if it bounces off the support zone of 0.73300.

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