Mar. 3, 2021
EUR/AUD recovered back almost all the way to 1.546 after dipping down to 1.5415. (Trade EUR/AUD with FXTM now).
This downslide might be related to financial indicators data published earlier as Germany's Unemployment Change fell short of the -13,000 projections, at 9,000 and continued its downward trajectory from the previous figure of -37,000.
Meanwhile, Euro Zone Consumer Price Index matches projections with a new data release of 0.9. indicator value is unchanged and is the same as previous data of 0.9. The Australia Interest Rate matches projections with new data release of 0.1. indicator value is unchanged and is the same as previous data of 0.1.
Visual analysis of the EUR/AUD's price graph shows EUR/AUD might start to recover soon because it is getting close and is now only 169 pips from the support line at 1.5271, Obviously, dipping below it could be an indication that further losses are ahead. Asset volatility analysis shows that a slight indication of recovery comes from looking at the Bollinger bands: the lower band is at 1.5261 – a low enough level to usually suggest EUR/AUD is trading below its value.
Overall, looking at the technical analysis landscape, it seems EUR/AUD might start pointing upward in the short term.
Positive performance, however, can be seen looking at other symbols, as HANG SENG INDEX is trading around 29,880.42 after starting the session at 29,096 (up 2.7%). SSE is trading around 3,577 after starting the session at 3,508.59 (up 1.95%).
The market will be looking forward to upcoming data for Australia Retail Sales which is expected tomorrow at 12:30 AM. Tomorrow at 12:30 AM, data for Australia's Balance of Trade will be released, with an expected decline to 6.50 billion from the preceding figure of 6.79 billion. The Italian Services PMI is projected to outperform the last figure with 46, while it previously stood at 44.7, data will be released today at 8:45 AM.