Forex Marketz Daily Forex News – Fully Markets Update
The sentiment linked Australian dollar has given back some gains to trade near 0.7120 during the Asian trade session. The AUD/USD Forex pair is trading from 0.7120 to 0.7130.
During a two hour video conference between the leaders of Russia and the United States, the U.S. warned Russia strongly about what would happen if it invades the Ukraine.
Also, a U.S. State Department official said that “the Biden administration is in ‘intensive consultations’ with the new German government over its response if Russia invades Ukraine.”
He went on that the U.S. “believes Germany would be ready to take significant action if Russia launches an attack.”
The Australian economic docket has no top tier economic data scheduled for publication overnight into Thursday. The United States, will publish weekly Cushing crude oil numbers and their monthly JOLTS jobs openings report.
France will release minor labor data on Wednesday, as their non-farm unemployment change is on the calendar. During the North American trade session, the Bank of Canada will announce their monetary policy and interest rate decision.
The Canadian central bank will also release their monetary policy statement. The central bank will also hold a press conference. The United Kingdom has no top tier economic data scheduled for publication.
Daily Australian Dollar Technical Report (AUD/USD)
Looking at the above daily MT 4 price action chart, the 14 day MACD histogram looks bearish and the relative strength index (RSI) is not oversold. This is keeping the upside gains for the Australian dollar capped. The ten day simple moving average around 0.7125 is immediate technical resistance.
On the downside, for the AUD/USD, the first layer of technical support lines up at 0.7060 before 0.7010 comes into play. The December 2021 low price point lines up at 0.6990.
On the upside, technical resistance lines up at 0.7170 with 0.7179 coming into play next. The next upside barrier lines up at 0.7232.
