Forex analytics and overview
AUD/USD: Hawkish RBA, China And Elections Will Define The Aussie Trend
2022.05.16 11:56
We are seeing some recovery on stocks since Friday, but USD remains mostly bullish, especially vs metals. Aussie also see some intraday swing down after news data from China showed that Retail Sales contracted by 11.1% on a yearly basis in April. Also, Shanghai remains under coronavirus controls meaning that Aussie can stay under pressure here.
However hawkish RBA and Australian elections can potentially put some new swings in play on the Aussie pair. Technically we see pair in the late stages of wave C, possibly even making a wedge here, so we assume that sooner or later the pair will stabilize. Higher stocks could also help Aussie to find new buyers.
aud may 16 2022
