Mar. 3, 2021
AUD/USD trading at 0.7826 with no clear-cut direction, ranging between 0.784 and 0.7815. (Start trading Australian dollars at FXTM today).
This in-between state of the Australian dollar is reflected by market data published as Australia's Interest Rate published yesterday at 3:30 AM came out at 0.1. The indicator value matched both the projected value and the previous data of 0.1. Data for Australia GDP released today at 12:30 AM came out at -1.1, beating projections of -1.8 and showing improvement over the preceding figure of -3.7. Australia Building Approvals (MoM) (Jan) fell short of the -3 projections, with -19.4 and continued its downward trajectory from the previous figure of 12.
Visual analysis of the Aussie/Dollar's price graph shows the Australian dollar resistance level is at 0.7965. In terms of trend indicators, we can see that at 0.7832, Aussie/Dollar made an initial breakout above the 5 day Simple Moving Average, an indication of a positive trend.
Overall, looking at the technical analysis landscape, it seems the Australian dollar might start pointing upward in the short term.
While the Aussie/Dollar is pretty flat so far today, mixed performances are seen elsewhere as NASDAQ is trading around 13,358.79 (down 230.04 points).
Data to be released later might clear up some of the fog for the Australian dollar, as the Australia's Retail Sales figure was projected at 0.6 while it previously stood at 0.6, data will be released tomorrow at 12:30 AM. Australia's Balance of Trade is projected to come out at 6.50 billion – worse than previous data of 6.79 billion, Data will be released tomorrow at 12:30 AM. United States Crude Oil Inventories are expected to decline to -928,000 when its preceding data was 1.28 million, data will be available today at 3:30 PM.
Australian dollar social media highlights: