AUD/USD forecast for November 12, 2020
Following the chart’s movements, we will see that the AUD/USD pair moves in a narrow space, forming a smaller falling channel with lower support at 0.725000. If the AUD/USD pair breaks below 0.72500, the stronger support is at 0.71500. From the top, when we connect the tops, we can draw a trend line.
On Thursday, data from Australia showed that consumer inflation expectations rose to 3.5% in November and reached more than market expectations of 3.2%. The market reaction to this data was weak.
From the news for the United States dollar, we have the American Bureau of Labor Statistics, which will publish data on the CPI consumer price index for October. Investors expect the core CPI to rise to 1.8% from 1.7% in September.
However, the Federal Reserve uses the Personal Consumption Price Index (PCE) as its favorite measure of inflation, and market investors are likely to ignore CPI data unless major differences occur. This week is weak with news regarding the Australian dollar;
last week, we had a report from the Reserve Bank of Australia on the interest rate, which is now at a historical low of 0.10%. All expectations were that it would weaken the Australian dollar with certain financial measures, but that did not happen because the news about the potential vaccine and its success reduced the market’s pressure and distracted investors from buying the dollar.
The United States continues to record negative records regarding the coronary virus pandemic. As 142,279 new cases of Kovid 19 have been registered, the most in one day since the beginning of the pandemic.
For the eighth day in a row, the United States reports more than 100,000 new infections a day. Tonight we will also have FOMC Member Williams talking about the next possible steps to mitigate coronavirus’ effects.
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