AUD/USD posts weekly gains for the first time in a month

By FXStreet FXStreet (Córdoba) – The Aussie was among the top performers in the currency market during the last five days, supported by strong economic data from Australia that removed expectation of another rate cut by the RBA.

AUD/USD rose almost a hundred pips from the level it had a week ago and finished trading around 0.7120/40. It posted weekly gains for the first time after falling during the previous four weeks. The weekly chart still shows a bearish trend, that could change if price rises above 0.7220/40, where the weekly 20-SMA and a downtrend line currently stand.

Next week

Economic reports from Australia next week includes vehicle sales (Monday), RBA minutes (Tuesday) and the Wage Price Index (Wednesday). The most important will be the minutes. “An explicit easing biased returned in November’s post-meeting statement with the Statement on Monetary Policy revealing some downward revisions to growth and inflation forecasts. Yet the easing biased sets out weaker activity data as a necessary condition for action, and data since the meeting may leave the minutes sounding dated”, wrote analysts from RBC Capital Markets.
For more information, read our latest forex news. …read more

Source:: FX Street