AUD/USD

Market Opportunities - 21/03/2019

21 March, 2019

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

AUD/USD downtrend opportunity based On 1.00 Lot Calculation:

The Australian dollar should be expected to remain under negative pressure as the bigger economic picture in Australia still points to a possible interest rate cut in 2019 by the Reserve Bank of Australia. Domestic activity slowed sharply in the second half of last year, figures released in early March showed, with Gross Domestic Product (GDP Q4) rising 0.2% in the December quarter following a sub-par 0.3% in the previous three-month period. Annual GDP rose 2.3%, which is the slowest pace since mid-2017 and confounding expectations for a 2.5% increase. The pressure increased further as home prices continued to decline and household debt continued to rise. According to Reuters, an accelerating decline in Sydney and Melbourne home prices has eaten into consumer wealth at a time when they hold record levels of mortgage debt.

In the US, data on Thursday (March 21) reported much better than expected Philadelphia Fed manufacturing Index figures (13.7 vs. 4.6), which could support the US dollar.

AUD/USD, March 21, 2019
Pivot point: 0.71300

AUD/USD

Weekly

Trend Direction

DOWN

Resistance 3

0.73793

Resistance 2

0.72949

Resistance 1

0.72072

Support 1

0.70519

Support 2

0.69373

Support 3

0.68244

Example of calculation base on weekly trend direction for 1.00 Lot*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

-2,493.00

-1,649.00

-772.00

781.00

1,927.00

3,056.00

Profit or loss Short in €

-2,189.70

-1,448.38

-678.08

685.98

1,692.56

2,684.21

Profit or loss Short in £

-1,895.50

-1,253.78

-586.97

593.82

1,465.15

2,323.57

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 14:19 GMT 21/3/2019
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** Please consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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