Forex Daily Analysis : February 22, 2021

The daily forex analysis on February 22, 2021 will discuss the Australian Dollar over the past few days which has strengthened, due to the weakening of the US Dollar.  The weakening of the US Dollar is due to the sell-off of the US Dollar by market participants who continue to do so, they switch to other risk assets and buy the Australian Dollar. This led to the Aussie strengthening and surged sharply and managed to touch a 3-year high in Friday trading last weekend. The US dollar is considered one of the safe haven currencies that investors choose if the market and global conditions are unclear. However, the prospect of a global economic recovery is happening at this time, which has prompted market participants to sell the US Dollar, as well as shift their capital to risky assets and commodity currencies/Australian Dollars. The greenback in Asian session trading on Monday earlier this week moved weaker against several other major currencies. The USD weakness is the lowest level in 3 years versus the AUD is also the lowest in 3 years against the GBP. The Australian Dollar, which is a commodity currency, and the Pound Sterling are two currencies that strengthened against the US Dollar. The weakening of the US Dollar is predicted to continue in the short term. The weakening of the US dollar was also supported by the release of economic data, among which was the release of manufacturing and services sector index data for several major countries in the world which was better than predicted. After the recent release of several economic data, it is expected to support hopes for a faster global economic recovery. On the other hand, the Covid-19 vaccination program in the UK has made a lot of meaningful progress. This signals that economic activity will slowly but surely return to normal, putting pressure on the US Dollar. The pound sterling is also a currency that investors are focusing on at the moment, especially after British PM "Boris Johnson" announced that he plans in the near future to gradually end the lockdown. Just for information that the British government is considered to have successfully vaccinated against Covid-19, this is illustrated after reports that the increase in new Covid-19 cases has decreased.

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 0.78600. 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 February 22, 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.