Forex Daily Analysis : 04 March 2021

The daily forex analysis on 04 March 2021 will discuss the movement of the Australian Dollar currency still seems to be weakening versus the US Dollar, the weakening of the Aussie currency is due to the positive sentiment in the Greenback. After the release of good Australian GDP data, the movement of the Australian dollar currency strengthened limitedly. The GDP data released at 3.1% was better and above the prediction of only 2.5%, but the release of the data was still below the data in the previous quarter which was 3.4%. In today's market trading in the Asian session, it is expected that there will still be weakness in the Aussie Dollar, this is due to the pessimism of market participants regarding the Australian retail sales data. However, if market participants give an optimistic attitude regarding the Australian trade balance data, it will actually strengthen the Australian Dollar again. Australian Retail Sales data fell below the forecast of 0.6% to 0.5%. However, market participants pay more attention to the release of optimistic Trade Balance data, the data released is 10,142 million, while the prediction is 6,500 million while the previous period's data was 6,785 million. The greenback strengthened limited against several other major currencies in trading on Thursday (04 February 2021) in the Asian session. The strengthening of the US dollar has reached a 7-month high against the Japanese yen. A boost from the US Treasury that has recorded a strengthening and boosting of the US Dollar currency. The focus of market participants is a speech from US Federal Reserve Chairman Jerome Powell on Friday morning at exactly 24:05 WIB. Jerome Powell will give a virtual speech at the Wall Street Journal Jobs Summit on Friday morning, and investors will be watching closely for signs of concern about the sell-off in US government Treasuries in recent days. For every rise and fall in the value of bonds and their impact on the level of the American and global economies, it will also be the highlight of the agenda of the Fed chairman's speech on March 17, 2021. Market participants are worried about unprecedented government spending in supporting the global economy through the Covid-19 stimulus package. Regarding the stimulus plan, it will definitely be able to increase inflation, and it can result in a massive sell-off in the Ministry of Finance starting in early 2021. The highest sell-off occurred for bond yields with a tenor of 10 years and reached the highest level this year compared to the previous level. The increase resulted in global stock movements limiting their gains and limited movement. Meanwhile, the US Dollar had weakened against several other major currencies, but due to calmer market conditions, the strengthening of the US Dollar could occur again.

Forex Daily Analysis Predictions

Today's FOREX prediction on the AUDUSD pair is expected to weaken/fall and the recommended OP (Open Position) is SELL at the level of 0.77500. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex on March 04, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.