Today, Norway’s GDP forecast, incentives for Australia, as well as new oil price lows are in the spotlight.
News
The Norwegian Ministry of Finance predicts a 4% contraction this year. Affects NOK
Oil continued to decline amid the continued spread of COVID-19 in Europe and the United States. Affects Brent
Australia allocates 130 billion to support the economy. Affects AUD
G20 trade ministers held an emergency online meeting on supplies. Affects Gold
North Korea has tested new missiles. Affects JPY
Calendar
09:00 GMT
The European Union Consumer Price Index will be published. Expert Forecast: 0.8%. Deviation lower will provoke sales of EUR.
12:30 GMT
The Canadian GDP report for January 2020 will be released. An increase of 0.1% is expected. If the real data is higher, CAD will be able to find a solid support level.
14:00 GMT
The US Consumer Confidence Index from the Conference Board will be published. The indicator is expected to drop from 130.7 points to 110.0. Nevertheless, if the drop turns out to be greater, the USD will receive an additional impulse to drop.
Technical Analysis
USD/RUB
The Russian currency is experiencing several stress factors at once. The first of these is low oil prices. The second is the start of the COVID-19 epidemic in large cities, which is showing signs of proliferation. Against this background, the exchange rate of the Russian currency continues to decline.
However, a downward resistance level may halt the trend, but for this the situation in the oil market should at least hint at an improvement.
AUD/USD
The complex use of the Fibonacci fan shows that there is a high degree of probability the Australian currency will resume growth in the near future, which can lead the asset to the level of 0.63000.
Dow Jones
The MACD on the chart of one of the leading US stock indices gave a bearish signal, which can be implemented in the near future.
AUD/JPY on this day in history
- Since 2000, March 31st has been a trading day 13 times.
- On 54% of those days, the asset finished trading with growth.
- The maximum strengthening range was 3.18%.
- The downward trend was limited to 3.31%.