Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian TD Securities Inflation for February decreased by 0.1% monthly. Forex traders can compare this to Australian TD Securities Inflation for January, which rose 0.3% monthly.
Australian ANZ Job Advertisements for February plunged 2.8% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for January, which rose 3.4% monthly.
Australian Building Approvals for January decreased by 1.0% monthly and surged by 10.0% annualized. Economists predicted a rise of 3.8% and a contraction of 2.0%. Forex traders can compare this to Australian Building Approvals for December, which plunged by 10.1% monthly and contracted by 1.7% annualized. Australian Private House Approvals for January collapsed by 9.9% monthly. Forex traders can compare this to Australian Private House Approvals for December, which decreased by 1.8% monthly.
Australian Business Inventories for the fourth quarter decreased by 1.7% quarterly, and Australian Company Gross Operating Profits surged by 7.4% quarterly. Economists predicted a flat reading of 0.0% and a rise of 1.1%. Forex traders can compare this to Australian Inventories for the third quarter, which increased by 1.2% quarterly, and Australian Company Operating Profits, which contracted by 1.6% quarterly. Company Pre-Tax Profits for the fourth quarter increased 4.7% quarterly. Forex traders can compare this to Company Pre-Tax Profits for the third quarter, which rose 1.6% quarterly.
The New Zealand Terms of Trade Index for the fourth quarter plunged by 7.8% quarterly, and Export Volume rose by 2.6% quarterly. Forex traders can compare this to the New Zealand Terms of Trade Index for the third quarter, which decreased 0.6% quarterly, and to Volume, which dropped 5.5%. Export prices for the fourth quarter contracted by 4.2% quarterly, and Import Prices accelerated by 3.2%. Economists predicted a decrease of 0.4% and 0.2%. Forex traders can compare this to Export Prices for the fourth quarter, which contracted by 1.4%, and Import Prices, which decreased by 0.9%.
The forecast for the AUD/NZD remains cautiously bullish as this currency pair attempts to push through its flat Kijun-sen, assisted by its ascending Tenkan-sen. Short-term volatility could increase with the Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud flat. Traders should also monitor the CCI in extreme overbought territory. This technical indicator could break down before pushing higher, offering traders an entry opportunity. Can bulls maintain control over the AUD/NZD and power price action into its horizontal resistance area for a fresh 2024 high? 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 1.0655 to 1.0700 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0690
- Take Profit Zone: 1.0810 – 1.0830
- Stop Loss Level: 1.0630
Should price action for the AUD/NZD breakdown below 1.0630, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0600
- Take Profit Zone: 1.0500 – 1.0530
- Stop Loss Level: 1.0630
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