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Forex

Australian dollar rises sharply to 0.7105

OctaFx | Mar. 4, 2019
Australian dollar rises sharply to 0.7105

The AUDUSD pair rose sharply at the market’s open and then pared those gains. This was primarily because of the optimism in the US-China trade deal.

March 4, OctaFX – Australia, being close to China in the Pacific, is one of the countries with the most exposure to China. For example, most of its iron ore is shipped to China. Therefore, if the Chinese economy sinks, Australia is usually very exposed.

Earlier today, Australia released mixed economic data. The building approvals rose by 2.5% in January while the business inventories and gross operating profits of -0.2% and 0.8% missed the consensus estimates.

AUDUSD technical analysis

On Friday, the AUDUSD pair reached the important support of 0.7070. The pair then started moving up, and today, it reached a high of 0.7105 and then started moving downwards.

The current price is along the 21-day and 42-day EMAs while the RSI has remained along the 50s level. The pair could continue moving up, especially if there is an indication that a trade deal will be signed.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.