Today, the focus is on a decrease in business activity in the USA, the Central Bank of Norway entering the market, and also an increase in the RBA rate.
Australia’s unemployment declined by 0.2%. Affects AUD
The Reserve Bank of Australia raised its key rate for the first time since 2010. Affects AUD
The March index of business activity from the Federal Reserve Bank of Philadelphia fell 12.7 points against the forecast of growth by 10 points. Affects USD
The Russian currency is falling despite oil growth. Affects RUB
The central bank of Norway may enter the market to support the crown. Affects NOK
Canada’s basic retail sales index will be released. Experts predict an increase of 0.2%. If the increase is lower, CAD will lose in value.
The Reserve Bank of Australia raised its key rate yesterday for the first time since 2010. Against the background of what is happening in the global economy, this step may seem inappropriate, however, the AUD/USD rate has fallen by more than 18% since the beginning of the year. Thus, the RBA is trying to keep the course.
The technical analysis of the global picture shows quotes to rebound to 0.6000. After that, seller activity is likely to be high, as this benchmark is the already broken low of September 2008.
A “pin-bar” pattern has formed on the daily timeframe of the candlestick chart, which is a rather strong bearish signal.
The currency pair has reached the support level of 1.08000. The bears will probably begin to close short positions, which will cause a quotation rebound upwards.
AUD/USD on this day in history
- Since 2000, Mar. 20th has been a trading day 15 times.
- On 67% of those days, the asset finished trading with growth.
- The maximum strengthening range was 1.63%.
- The downward trend was limited to 1.4%.