Everything is on sale today but not all the deals are as good as they seem. Stores have flashy sales on Black Friday but it’s only the beginning of the discounts. As Christmas gets closer, retailers get a better sense of what’s not selling and they begin to discount aggressively.
Is that the metaphor for the Australian dollar? Will prices get cheaper before Christmas?
AUD/USD touched a 9-week low today and prices are ‘7% off’ what they were in October. Still, the head and shoulders pattern and the lack of support down to 0.8800 says that prices could go lower.
Does this chart show the best Black Friday deal in forex?
Retail experts say the best time to shop for deals is actually the second week of December. Is that when we’ll see the best deal on the Aussie as well?
Don’t forget, the RBA meeting is on Tuesday (Monday night for US traders).
