AUDNZD bullish scenario:
Technical outlook:
AUDNZD bullish scenario:
In this pair we have technical figure Channel Down. The Channel Down has broken through the resistance line at 10/12/2020. Forming a bullish formation on a daily chart. If price holds above this level we will have possible bullish price movement with forecast for the next 17 days with target 1.0691. Our stop loss order should be placed at 1.0418 if we decide to enter this position.
Fundamentals:
- AUD is an outperforming G10 currency on Wednesday following strong data and amid China relations hopes.
- NZD has traded largely as a function of USD strength thus far on Wednesday, as the currency remains more focused on global themes and USD dynamics as opposed to events in New Zealand.
- Meanwhile, AUD has forged its own path on Wednesday, outperforming amid a number of (seemingly) positive catalysts. Firstly, Westpac Consumer Sentiment data released during Wednesday AsiaPac session showed the Australian consumer in rude health in November. This comes after NAB Business Confidence data released a day earlier jumped to its highest levels since 2018.
AUDNZD bullish scenario:
In this pair we have technical figure Channel Down. The Channel Down has broken through the resistance line at 10/12/2020. Forming a bullish formation on a daily chart. If price holds above this level we will have possible bullish price movement with forecast for the next 17 days with target 1.0691. Our stop loss order should be placed at 1.0418 if we decide to enter this position.
Fundamentals:
- AUD is an outperforming G10 currency on Wednesday following strong data and amid China relations hopes.
- NZD has traded largely as a function of USD strength thus far on Wednesday, as the currency remains more focused on global themes and USD dynamics as opposed to events in New Zealand.
- Meanwhile, AUD has forged its own path on Wednesday, outperforming amid a number of (seemingly) positive catalysts. Firstly, Westpac Consumer Sentiment data released during Wednesday AsiaPac session showed the Australian consumer in rude health in November. This comes after NAB Business Confidence data released a day earlier jumped to its highest levels since 2018.
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