AUD/USD forecast for March 15, 2021
Looking at the chart on the weekly time frame, we see that the Australian dollar as it touched 0.80000 is a real pullback to the current 0.77300. The AUD/USD pair is still holding above moving averages, and for now, the MA20 and EMA on this time frame are giving support above 0.76000. The break below them opens the door to MA50, MA200, and EMA200 testing levels 0.74000-0.75000.
On the daily time frame, we see movement within a growing channel with a certain pullback to the channel’s bottom line. It is now a pair and pressed by moving averages from the top pushing the AUD/USD pair to test the channel’s bottom line. A break below 0.76000 pushes us into the bearish scenario towards 0.74000, where moving averages MA200 and EMA200 await us. If Aud gathers strength and bounces off the support line, then we are looking to the previous high at 0.8000.
On the four-hour time frame, we see that all moving averages have gathered in is at the current one point at 0.77300, and now we are waiting to see if there will be a break below or above the moving averages. If we see a break-up or down, our targets are previous high or low, depending on the continuation of the trend. from the upper side, we can draw a smaller trend line and monitor if there is a break, whether there will be a retest on it to continue the bullish trend.
- EUR/USD forecast for March 15, 2021
From the news for the AUD/USD currency pair, we can single out the following: Industrial production in China grew by 35.1 percent year on year in the period including January and February, the Central Bureau of Statistics said on Monday, beating forecasts for a 30 percent increase after gaining from 7.3 percent in the previous month. China’s good news is a great indicator for the Australian dollar because Australia does most of its economic business with China. Tomorrow in the Asian session, we will have a meeting of members of the Reserve Bank of Australia where we can expect information on potential moves to mitigate the coronavirus’s impact.
