CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

AUD/USD

Market Opportunities - 24/02/2021

24 February, 2021

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.

AUDUSD Weekly uptrend opportunity based On 1.00 Lot Calculation:

  • EVENT: Tuesday, March 2 - The Reserve Bank of Australia meeting is expected. The economic recovery is under way in Australia, while the reference rate is at its low (+0.1%). The central bank will offer an update of the economic outlook and how it sees the current situation in the Australian economy, along with a perspective of how future interest rates may evolve. Optimism might be expected to occur in the Reserve Bank’s official statement;
  • Virus developments in Australia have been extremely positive with only 5-10 daily newly cases in the entire continent in February;
  • The currency pair is in a strong (long-term) uptrend that may continue.

AUDUSD, February 24, 2021
Current Price: 0.7909

AUD/USD

Weekly

Trend direction

UP

Resistance 3

0.8029

Resistance 2

0.8009

Resistance 1

0.7989

Support 1

0.7829

Support 2

0.7809

Support 3

0.7789

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 in $

1,200

1,000

800

-800

-1,000

-1,200

Profit or loss in €**

987

823

658

-658

-823

-987

Profit or loss in £**

848

707

565

-565

-707

-848

Profit or loss in C$**

1,509

1,257

1,006

-1,006

-1,257

-1,509

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 10:30 am (GMT) 24/2/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details

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