AUDUSD Potential Forecast Pre-Cash Rate | 7th March 2023
Fundamental Backdrop
1. The Trade Balance dropped from 12.99B to 11.69B, this shows that export demand dropped which creates a greater demand for foreign currency, weakening the AUD.
2. AUD's Cash Rate is going to be released at 11.30am SGT
3. Based on previous data we saw a roughly 30 - 50 pip drop within the day.
4. Expecting the AUD to drop later on towards the support at 0.67000
Technical Confluences
1. Price is currently in a strong bearish trend.
2. Price is also below the Ichimoku cloud, indicating a bearish market.
3. Near term strong support level at 0.66500
Idea
Expecting the AUD to drop towards the support at 0.67000. If price manages to break below that support level, we could see price head towards the near term strong support level at 0.66500.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. The Trade Balance dropped from 12.99B to 11.69B, this shows that export demand dropped which creates a greater demand for foreign currency, weakening the AUD.
2. AUD's Cash Rate is going to be released at 11.30am SGT
3. Based on previous data we saw a roughly 30 - 50 pip drop within the day.
4. Expecting the AUD to drop later on towards the support at 0.67000
Technical Confluences
1. Price is currently in a strong bearish trend.
2. Price is also below the Ichimoku cloud, indicating a bearish market.
3. Near term strong support level at 0.66500
Idea
Expecting the AUD to drop towards the support at 0.67000. If price manages to break below that support level, we could see price head towards the near term strong support level at 0.66500.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.