Forex Marketz Daily Forex News – Fully Markets Update
The commodity and sentiment linked Australian dollar looks ready to continue its three week long recovery against the U.S. dollar. The AUD/USD currency exchange rate is trading above its key daily simple moving averages. This includes the 21, one hundred (100) and two hundred (200) simple moving averages (SMA).
Today, the economic calendar is fairly light. The sentiment linked Australian dollar is likely to take its cues from what British Prime Minister Boris Johnson has to say. The Prime Minister of the United Kingdom will be addressing to the nation.
Forex traders and other financial market participants will listen closely to his plan on how the United Kingdom will exit the latest coronavirus (Covid-19) lockdown.
The Prime Minister of the United Kingdom will be giving an address to the nation. Financial market participants will be listening closely to his plan for the United Kingdom to exit the latest coronavirus (Covid-19) lockdown. His plan is likely to exit from lockdown is likely to be in stages and Covid-19 vaccine dependent.
The UK seems to have turned the corner here. Coronavirus infections in the United Kingdom are declining. So are Covid-19 hospitalizations, and deaths. Forex traders will also be watching global coronavirus statistics.
Daily Australian Dollar Technical Analysis (AUD/USD)
The 20 day simple moving average on the above daily MT 4 price chart, while flat, is above both the 100 and 200 simple moving averages. The 14 day MACD momentum indicator is also turning higher and the 14 day relative strength index (RSI) is above 70 which is signaling bullish cue for the Australian currency.
With that said the first upside barrier is in play at the March 2018 monthly high price at 0.7915. a daily close above this level opens the door to challenge the key round number at 0.80 next.
On the downside, a daily close below 0.7770 will open the door to challenge the key layer of technical support in play at 0.77.
