Market Outlook

Australian Dollar Running At Average After China’s Data Dump

Australian Dollar Running at Average after China’s Data Dump

Australian dollar pays less attention to China’s data dump in the month of February. This happens after the numbers remain unchanged at 0.6130. Having a market expectation of 1.5% in Retail Sales, China makes a touchdown at 20.5%.

On the other hand, Industrial Production dropped to 13.5%. With an early readout of 6.9%. This was made in comparison with 0.8% of forecast having a prior set of 8.0%.

As the BJO’s monetary policies eased, the pair had a reaction from the cut-rate by the Feds. The Australian central bank showed signs of being ready to accept measures in the long run. It also shows that it is ready to purchase bonds related to the Government.

However, the other risk factors like pandemic may affect policymakers.

Technical Analysis

According to the Technical Analysis, if the pair remains strong then buyers will most likely look forward to the entry. However, the last price is 0.6128. The daily change is at -0.0097 while the daily change percentage is at -1.56%.

Meanwhile, the daily SMA20 is trending at 0.656, with SMA50 trending at 0.6704 and SMA100, SMA200 at 0.686, 0.6816 respectively.