Feb. 26, 2021
Start of session at a glance – AUD/USD dropped 22 pips early on and is steady at 0.7858 range. (Start trading Aussie/Dollar at FXTM today).
This downslide might be related to financial indicators data published earlier as United States Pending Home Sales fell short of the -0.2 projections, to -2.8 and continued its downward trajectory from the previous figure of 0.5.
On the flip side, positive data for Aussie/Dollar released earlier when Data for United States Initial Jobless Claims released yesterday at 1:30 PM came out at 730,000, beating projections of 838,000 and showing improvement over the preceding figure of 841,000.
Meanwhile, data for Australia Private Sector Credit was released today at 12:30 AM, suggests a downwards trend of 0.3, while previous data was 0.4.
Chart visual study suggest the Australian dollar might start to recover soon because it is getting closer and is now only 77 pips from the support line at 0.778, Obviously, dipping below it could be an indication that further losses are ahead. In terms of trend indicators, we can see that at 0.7836, Aussie/Dollar made an initial breakout below the 10 day Simple Moving Average, an indication of a negative trend.
Overall, technical indicators suggest the Australian dollar has no obvious direction for the immediate future.
Positive performance, however, can be seen looking at other symbols as The VIX gained 35.38%, currently at 28.89. new year year high for Euro/Yen at 129.52.
The market will be looking forward to upcoming data for Australia CFTC AUD speculative net positions is expected today at 8:30 PM. The United States US Federal Budget is scheduled to come out today at 7:00 PM.
Australian dollar social media highlights: