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AUD/USD :  head and shoulders top attracting attention

AUD/USD : head and shoulders top attracting attention

Information is not investment advice

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Fibonacci Levels

 XAG/USD: Silver stands below 23.6% retracement area. Bearish pressure is growing, and silver moves to a full retracement.

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Ichimoku Kinko Hyo

CAD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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EU Market View

European stock markets are seen opening lower Wednesday, continuing the global weakness, as doubts about the speed of recovery from the Covid-19 pandemic weigh on sentiment. The safe-haven U.S. dollar approached a four-month high on Wednesday as concerns over a third COVID-19 wave in Europe, potential U.S. tax hikes and escalating tensions between the West and China sapped risk appetite. The yen also strengthened and U.S. Treasuries were bid while Wall Street stocks and crude oil plunged as investors weighed the outlook for global growth. Oil prices pushed higher Wednesday, steadying after the sharp losses of the previous session, but worries about a slow recovery to demand remain given the fresh lockdowns in Europe and a build in U.S. inventories.

US President Biden's first proposals on discretionary spending for fiscal 2022 will be released next week and a full budget is expected later in the Spring. Looking ahead, highlights from macroeconomic calendar include UK CPI, EZ, UK & US flash PMIs, EZ consumer confidence, Fed's Barkin, Powell, Williams, Daly, Evans, Treasury Secretary Yellen, ECB's Lagarde.

EU Key Point

  • AUD/USD challenges key support level as sellers start to search for more downside momentum.
  • BOJ's Kuroda: To continue with powerful monetary easing persistently.
  • A break below 0.7000 spells more risk for NZD/USD.
  • Germany reports 15,813 new coronavirus cases, 248 deaths in latest update today.
  • AUD/USD head and shoulders top attracting some attention.
  • Australia's largest state to substantially remove COVID-19 restrictions from Monday.
  • EUR/USD at risk of a further decline, levels to watch for a breakdown.
  • GBP/USD to extend the decline to the 1.3600 level.
  • Dollar shrugs off yields and continues rising.

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