Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Consumer Inflation Expectations for December increased by 5.2% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for November, which rose 6.0% annualized.
The Australian Employment Change for November came in at 64K, and the Unemployment Rate at 3.4%. Economists predicted a figure of 19.0K and 3.4%. Forex traders can compare this to the Australian Employment Change for October, reported at 43.1K, and the Unemployment Rate reported at 3.4%. 34.2K Full-Time Positions and 29.8K Part-Time Positions were created in November. Forex traders can compare this to the creation of 47.1K Full-Time Positions and the loss of 14.9K Part-Time Positions reported in October. The Labor Force Participation Rate for November came in at 66.8%. Economists predicted a reading of 66.6%. Forex traders can compare this to the Labor Force Participation Rate for October, reported at 66.5%.
The New Zealand GDP for the third quarter increased by 2.0% quarterly and 6.4% annualized. Economists predicted an expansion of 0.9% and 5.5%. Forex traders can compare this to the New Zealand GDP for the second quarter, which rose 1.9% quarterly and 0.3% annualized. The New Zealand GDP Annual Average for the third quarter rose 2.7% quarterly, and GDP Expenditure increased 2.0% quarterly. Economists predicted a rise of 2.5% and 1.1%. Forex traders can compare this to the New Zealand GDP Annual Average for the second quarter, which increased 1.1% quarterly, and GDP Expenditure, which rose 2.3% quarterly.
Chinese Retail Sales for November decreased by 5.9% annualized. Economists predicted a contraction of 3.7% annualized. Forex traders can compare this to Chinese Retail Sales for October, which dropped 0.5% annualized.
Chinese Industrial Production for November increased by 2.2% annualized. Economists predicted an expansion of 3.6% annualized. Forex traders can compare this to Chinese Industrial Production for October, which rose 5.0% annualized.
Chinese Fixed Assets ex Rural for November expanded 5.3% annualized. Economists predicted a rise of 5.6% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for October, which increased by 5.8% annualized.
The Chinese House Price Index for November decreased by 1.6%. Forex traders can compare this to the October Chinese House Price Index, which contracted 1.6%.
The forecast for the AUD/NZD turned bullish after this currency pair reached its horizontal support level. Volatility could increase as bulls and bears wrestle for control. The Kijun-sen flatlined, suggesting the loss of short-term downside momentum, but the descending Tenkan-sen continues to descend. The Ichimoku Kinko Hyo Cloud remains in a downtrend but shows initial signs of a pending sideways trend, offering bulls the upper hand. Traders should monitor the CCI following its breakout from extreme oversold territory. A move above the zero level could provide a spark to launch a rally. Can bulls regain control over price action in the AUD/NZD and push this currency pair into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the AUD/NZD remain inside the or breakout above the 1.0560 to 1.0660 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0610
- Take Profit Zone: 1.0845 – 1.00915
- Stop Loss Level: 1.10520
Should price action for the AUD/NZD breakdown below 1.0560, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0520
- Take Profit Zone: 1.0385– 1.0445
- Stop Loss Level: 1.10560
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