Last week was a devastating one for the Australian Dollar as the the single currency shed over 150 pips against its US Dollar counterpart. The week started well for the pair but its slide began on early Wednesday till closing on Friday, reaching as low as 1.0285.
It would be expected this week for the Reserve Bank of Australia to try to salvage the AUD in order to prevent further fall. This pair has already started the week on a bullish note early Asian session trying to recover its lost pips of last week.
For the week, the weekly MT4 chart may seem to be ranging for the pair. We may not be able to find more information from that time frame. But the daily chart offer more opportunities for us.
It may be that the pair would continue its downfall as can be seen from the daily with more trend indicators pointing downwards. Though this alone may not be enough.
On the fundamental scale, important economic events that would affect the direction of the pair would be seen in the Reserve Bank of Australia meetings and The RBA Governor Glenn Stevens holding on Tuesday November 20.
More volatile economic events would be held this week especially for the US Dollar, Euro and Japanese Yen.
These events could also affect the direction of the AUD for the week .