Is AUDUSD a Buy, Sell or Hold?
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AUDUSD Exchange Rate
Provider: AUDUSD
Verdict: The AUDUSD exchange rate is significantly effect by the commodity prices of Australia’s major exports like iron ore and coal, and global risk sentiment where the AUD may appreciate during stable times but depreciate in uncertainty. For example if there is dip in Australian mining stocks, higher commodity prices can support the Australian economy and the Aussie Dollar versus the US Dollar.
Why buy AUD over USD:
Australia benefits greatly from the commodity upswings. The rise in food, metal, and energy prices has brought much-needed foreign income to the economy. However, with many fast-growing Asian economies (eg China) decelerating, Australia’s economy could be dragged down by this cyclical downswing. 24/11/23
Pros
- Exposure to cyclical commodity cycles
- Positive trade balance
- Main technical support (0.62) affirmed
Cons
- Slowdown in Chinese economy
- Long-term downtrend
- Struggling base metal prices
- Outlook (2)
Overall
2AUDUSD Analysis & Guides
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