Currency Updates:
The Australian Dollar (AUD): The pair opened slightly lower but drifted lower on Crimea tension to a low of 0.8993. Support was found and bounced the AUD to above 0.9020. AUD market will be focusing on the RBA Minutes that will be released out on Tuesday. It will be looking for any comments on the level of currency and further colour on the economy. The PBOC has decided to widen the trading band of the CNY to 2%, any weakness of CNY will damage the AUD.
AUD/USD: The pair sat just above 0.9020, the pair’s inability to hold above the 21 WMA and 38.2 Fib of 0.9758-0.8660 for two consectuve weeks could be a warning for bulls.
EUR/USD: The pair is still holding strongly above 1.3900 but if tensions in Crimea continues to increase, could add pressure on the pair. Pivot at 1.38700 and resistance at 1.3970.
USD/JPY: Heavy sell off in yen crosses from last Friday as investors moved to the safe heaven. The pair hit to a low of 101.20-25, support at 101.15 seems to be holding well, rebound is expected.
Looking Ahead – Economic Data (GMT)
• 22:00 NZ Westpac NZ Cons Conf Q1 120.1
• 22:30 NZ Performance Services Index Feb 58.1
• 01:30 AU New Motor Vehicle Sales mm Feb -3.5%
• 01:30 AU New Motor Vehicle Sales yy Feb -3.0%
• 05:00 JP Nationwide Dept Store Sales yy Feb 2.9%
