OCT 19, 2021
- Discussion on Evergrande developments by RBA committee members
- PBOC says debt problems on banking system controllable
- Double Bottom pattern in AUD/USD (D1)
Chart 1: AUD/USD D1 chart
In the released monetary policy meeting minutes by the Reserve Bank of Australia (RBA) earlier today, the central bank highlighted that its committee members have started a discussion on the impact of the recent Evergrande developments on the international financial markets. The members highlighted that if the handling of Evergrande’s problems is not done orderly, this may lead to a negative impact on other developers and financiers. Nonetheless, the RBA said that the sharp price movements up until now have been limited to Evergrande’s own bond and equity prices, as well as some other local property developers and banks. Thus, the risk is still contained within China at the moment. Moreover, the People’s Bank of China said last Friday that the Evergrande’s debt problems on the banking system is controllable.
At the moment, the forming of a Double Bottom pattern in AUD/USD (D1) is almost complete after bouncing off its 2021 low of 0.71. With the Evergrande saga in control for the time being, the Australian dollar may strengthen against the U.S. dollar for now.
Trade Setup for AUD/USD (D1)
Buy Stop at 0.7520
Upcoming news that may impact price movement of AUD/USD
19 October – FOMC member Daly speaking at 2300 (GMT+8)
20 October – FOMC member Bowman speaking at 0115 (GMT+8)
20 October – FOMC member Bostic speaking at 0250 (GMT+8)
20 October – FOMC member Waller speaking at 0300 (GMT+8)
21 October – FOMC member Evans speaking at 0000 (GMT+8)
21 October – FOMC member Quarles speaking at 0100 (GMT+8)
21 October – FOMC member Waller speaking at 2100 (GMT+8)
22 October – Reserve Bank of Australia Governor Lowe speaking at 0300 (GMT+8)
22 October – Australian Flash PMI data release at 0600 (GMT+8)
22 October – U.S. Flash PMI data release at 2145 (GMT+8)
22 October – FOMC member Daly speaking at 2200 (GMT+8)
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