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With the euro-Australian dollar pair’s decline showing no signs of stopping, should we watch for a reversal?

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With the euro-Australian dollar pair’s decline showing no signs of stopping, should we watch for a reversal?

25.03.2022

Today's Highlights
  1. U.S. Existing-Home Sales Pending
  2. U.S. – Williams: Remarks by the President of the New York Fed

In the previous day’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 been trading slightly 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. The pair is currently trading around 1.465, and since there is no support on the weekly chart—creating a “vacuum zone”—investors should remain cautious about a potential continued decline.

Today’s schedule includes UK retail sales and Turkey’s Business Climate Survey and Capacity Utilization at 16:00 European time; the German IFO Business Climate Index at 18:00; pending home sales in the U.S. at 23:00 U.S. time;the University of Michigan Consumer Sentiment Index, remarks by Williams, President of the New York Fed, at 24:30, remarks by Barkin, President of the Richmond Fed, at 25:00, and remarks by Waller, Member of the Federal Reserve Board, at 25:00.While keeping an eye on price movements caused by position adjustments ahead of the weekend, I plan to closely monitor currency strength and weakness.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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