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AUD: Will the downtrend continue?

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This week will be of high importance for AUD/USD currency pair. According to the weekly chart, the downtrend might continue in the medium term. The fundamental data from Australia and the U.S. might also reflect a downtrend continuation. The Reserve Bank of Australia (RBA) is expected to keep rates steady at a historical low of 1.5 percent. Australia's current account deficit doubled in the June quarter, blowing out to $9.6 billion. Today’s data are expected to be $8.8 billion. The retail sales will remain unchanged at 0.3%, according to the data. Gross domestic product growth for the quarter is now likely to be 0.7 percent, less than in the previous quarter, 0.8%. According to the expectations, U.S. unemployment rate should remain unchanged at 4.1%. The U.S. is expected to gain 198K in November, fewer than 261K in October.

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