Market Outlook

AUD Struggles Despite Support From RBA!

AUD Struggles Despite Support From RBA!

As per the reports, according to Reserve Bank Of Australia, the economy of Australia seems to be moving in a positive direction, showing improvements after the struggle to get traction. This comment was made by the Governor of Reserve Bank Of Australia. 

The Governor also mentioned at an Event, in Syndey, that China’s coronavirus breakout is making an impact that is uncertain. But if it’s excluded from the bigger picture, then the outlook on the economy seems to be improving steadily. 

He also mentioned that the Chinese stimulus is likely going to give a positive impact on Australia than anything else. This is because the Central Of Australia is in no hurry to get its inflation back on track. 

AUD is Still on Red Alert…

However, keeping all the above highlights in mind, the AUD pair is still showing some red signs. Currently, the AUD/JPY is on trade at a level of 73.85. This implies that the drop of the day has marked at 0.37%. 

But a slight recovery was seen to take from 73.65 reaching 73.90 at the moment when the Governor of RBA, Lowe delivered a speech in Sydney.  For now, a drop of 0.3% is trending with the S&P 500. That being said, a new session of low might drop below the level of 73.65 if the condition so the risk-off deteriorates. 

On the other hand, the Japanese currency Yen has shown to be building up as of now. However, the confirmed cases of the Coronavirus in Hubei have affected the currency. A slight drop from 74.14 to the level of 73.65 can be seen. 

Technical Analysis

In addition to that, Consumer Inflation Expectations of Australia came at 4% in the month of February. Also, the forecast miss was at 4.3%. While January’s was at 4.7%. On the other hand, the last price of AUD as of today is 73.83 while the daily open is 74.16 and the daily change is at a low of -0.33%. The daily SMA20 is trending at 74.15 while SMA50 is trending at 74.88.

Meghan Alexandra Administrator
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Meghan Alexandra Administrator
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