Mark O’Donnell
Blackbull Markets Limited
Is the AUDUSD pulling out of its 3-day bull run for a short-term period of consolidation? Or will there be a sustained consolidation moving forward?
AUD Bulls could still be aiming for 0.7850, or even further afield to the 0.80000, a peak reached in February for the first time since 28 Jan 2018.
Or will Bears take control? AUD bears haven't been doing things by halves (as highlighted in yellow). Perhaps they will break through 0.770 in retaliation, heading for 0.7580.
For next week, many issues to watch out for: Australia's March retail figures are out next week, CBA reports on manufacturing, NAB's business confidence report, and RBA meeting minutes. Information coming from the US are thin in the coming week. All eyes will be on Australia.
Risk Warning: Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial adviser if you have any questions or concerns as to how a loss would affect your lifestyle.
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