• Minutes & speech heavy this week for both AU & US markets & a bank holiday for the US on Fri.
• Aussie is currently hovering around 65c flat after a large bullish breakout last week.
• Expecting the AUDUSD to range between 0.6400 and 0.6590 this week on technical analysis.
• Overall sentiment is bullish AUDUSD this week.
• USD is likely to trend lower this week based on tighter credit spreads, elevated equity markets & any commentary from the minutes that might indicate a dovish interest rate call. A bank holiday on Friday means US markets will experience low levels of liquidity.
• This week is filled with US & AU meeting minutes & speeches, which can provide insights into the respective Boards’ thoughts on further rate hikes or the next rate cut.
• There is still some upside to the AUD as the USD seeks to weaken over the course of this week, potentially reaching around 66c, which is our next resistance.
• There is another OPEC+ meeting to debate whether to cut oil production on 26th November, if so, the AUD can benefit from higher oil prices, ie) a rise in the AUDUSD.
| Economic Calendar: Mon 20th November 2023 – Fri 24 November 2023 (High Impact) (AU/US) | |||||
| Day | Time (AEDT) | Event | Country | Forecast | Previous |
| Tues | 10:00am | RBA Gov Bullock Speaks | AU | N/A | N/A |
| 11:30am | Monetary Policy Meeting Minutes | AU | N/A | N/A | |
| Wed | 6:00am | FOMC Meeting Minutes | US | N/A | N/A |
| 7:35pm | RBA Gov Bullock Speaks | AU | N/A | N/A | |
| Thur | 12:30am | Unemployment Claims | US | 226K | 231K |
| 2:00am | Revised UoM Consumer Sentiment | US | 61.1 | 60.4 | |
| Fri | All Day | Bank Holiday | US | N/A | N/A |
| Sat | 1:45am | Flash Manufacturing PMI | US | 49.9 | 50.0 |
| Flash Services PMI | US | 50.4 | 50.6 | ||
Source: forexfactory.com