Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
Weaker risk sentiment pulls the AUD to its lowest levels since January
AUD/USD continues to move within the downward channel. At the moment, the aussie is testing the support at 0.6917. This is the lowest level for the pair since the flash crash at the beginning of January. The next support lies at 0.6871. The bearish weakness may help bears to push the Australian dollar back to the resistance at 0.6957. If this level is broken, the next resistance will lie at 0.7. RSI is currently testing the oversold zone, while the Stochastic indicator is already moving within this zone.
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.