Aud forex news

Here are some recent AUD (Australian Dollar) forex news and updates:

Recent News:

  1. Australian Economy Grows at Slower Pace: The Australian economy grew at a slower pace in the first quarter of 2023, with GDP expanding by 0.4% quarter-on-quarter, according to data released by the Australian Bureau of Statistics (ABS). (Source: Reuters)
  2. RBA Keeps Interest Rates Unchanged: The Reserve Bank of Australia (RBA) kept its cash rate unchanged at 0.1% in its latest monetary policy decision, citing the ongoing impact of the COVID-19 pandemic and the need to support the economy. (Source: RBA)
  3. Australian Unemployment Rate Falls: The Australian unemployment rate fell to 5.2% in March, down from 5.5% in February, according to data released by the ABS. (Source: ABS)
  4. Australian Retail Sales Rise: Australian retail sales rose by 0.4% in February, driven by strong demand for online shopping and food services, according to data released by the ABS. (Source: ABS)
  5. Australian Dollar Weakens Against US Dollar: The Australian dollar weakened against the US dollar in recent trading, falling to a low of 0.7450 USD/AUD, amid concerns over the global economy and the impact of the COVID-19 pandemic on trade. (Source: Bloomberg)

Upcoming Events:

  1. Australian Employment Data: The ABS will release employment data for March, including the unemployment rate and employment change, on April 14.
  2. RBA Monetary Policy Decision: The RBA will make its next monetary policy decision on April 5, with markets expecting the cash rate to remain unchanged.
  3. Australian Retail Sales: The ABS will release retail sales data for March on April 21.

Technical Analysis:

The AUD/USD currency pair has been trading in a narrow range in recent weeks, with the pair currently trading around 0.7450. The pair has been supported by the 0.7400 level, while resistance is seen at 0.7500. A break above 0.7500 could see the pair rise to 0.7600, while a break below 0.7400 could see the pair fall to 0.7300.

Forex Trading Tips:

  1. Wait for confirmation: Before entering a trade, wait for confirmation of the direction of the market, such as a break above or below a key level.
  2. Use stop-loss orders: Use stop-loss orders to limit your potential losses if the market moves against you.
  3. Monitor economic data: Keep an eye on economic data releases, such as employment and retail sales data, which can impact the AUD/USD currency pair.
  4. Consider diversification: Consider diversifying your portfolio by trading other currency pairs or assets, such as commodities or indices.

Remember to always trade responsibly and with caution.