AUDNZD, Daily
Away from the Brexit woes and the impending FOMC announcement and press conference later today my attention has turned to the some of the other crosses. The antipodean pair has been in a strong down trend on the Daily time frame since the end of April.
Today sees the GDT (Global Diary Trade) data released and it is a key for the New Zealand economy, tomorrow (Thursday) sees the announcement of GDP also from New Zealand. The NZD is having another strong day today too. Also tomorrow there is Inflation and Employment and Unemployment numbers from Australia.
Technically, the Daily down trend remains is intact, a potential SELL area appears where the channel, 20 DMA and 23.6 FIB retrace levels coincide between 1.0580 – 1.0620. This would generate Target 1 – 1.0486, Target 2 1.0340 and Target 3 1.0173. A break above 1.0750 would be of interest for BUY positions.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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