AUD/USD: It is big week for the Aussie, a come back could be on the cards

kish teat at the Reserve bank of Australia. For the open, 0.7010 will be an important level on the upside for the bulls to clear.

Short positions are relatively overstretched on AUD/USD due to the recent lack of an appetite for high-beta currencies/high appetite for USD. Should there be another step in the direction of policy normalisation at the RBA, owing to a tighter jobs market and higher inflation readings for the fourth quarter, then traders could jump on the opportunity to force a timely correction on the daily charts, .

''Its forecast for wages growth will likely point to a rate hike in the first half of 2023 as being its central case, but Lowe is expected to admit for the first time, in Tuesday’s statement and/or his speech the following day, that a move in 2022 is a possibility if wages growth comes through faster than forecast.''The hourly resistance at 0.7010 guards a breakout of the hourly downtrend.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

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