With the euro-Australian dollar pair continuing to fall, should we watch for a reversal?
25.03.2022
- U.S. Existing Home Sales
- Williams (U.S.): Remarks by the President of the New York Fed
In yesterday's U.S. currency trading, the U.S. dollar and the euro traded in a tight range, with the EUR/USD pair fluctuating between 1.096 and 1.101. During today's Asian trading session, the EUR/USD pair has edged higher, with the 1.096 level—the lower boundary of the upward channel—acting as a key support level.
Amid ongoing tensions in Ukraine, the euro continues to face upward pressure, and the EUR/AUD pair has closed lower for six consecutive trading days. Currently trading around 1.465, the pair is in a support vacuum on the weekly chart, so investors should remain cautious of further declines.
Today, at 16:00 CET, we have UK retail sales, Turkey’s Economic Sentiment Survey and Capacity Utilization; at 18:00 CET, Germany’s IFO Business Climate Index; at 23:00 EST, US Pending Home Sales, the University of Michigan Consumer Sentiment Index, and remarks by William, President of the New York Fed; and at 24:30 EST, remarks by Barkin,remarks by Richmond Fed President Barkin, and at 01:00, remarks by Fed Governor Waller. While keeping an eye on price movements due to position adjustments ahead of the weekend, I plan to closely monitor currency strength and weakness.
