Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Electronic Retail Card Spending for September increased 0.9% monthly and decreased 14.7% annualized. Forex traders can compare this to New Zealand Electronic Retail Card Spending for August, which decreased 19.7% monthly and 11.4% annualized.
New Zealand Permanent/Long-Term Migration for August was reported at 353. Forex traders can compare this to Permanent/Long-Term Migration for July, reported at 1,096. External Migration & Visitors for August decreased 44.0% monthly. Forex traders can compare this to External Migration & Visitors for July, which increased 767.8% monthly. Visitor Arrivals for August decreased 91.1% monthly. Forex traders can compare this to Visitor Arrivals for July, which decreased 41.4% monthly.
Australian NAB Business Conditions for September were reported at 5, and Australian NAB Business Confidence at 13. Forex traders can compare this to NAB Business Conditions for August, reported at 14, and Australian NAB Business Confidence reported at -6.
The forecast for the AUD/NZD is turning bearish after a powerful rally took this currency pair into resistance. Bullish momentum started to deflate, and the Kijun-sen now shows signs of stagnating. While the Tenkan-sen resumes its uptrend, the Ichimoku Kinko Hyo Cloud features a descending Senkou Span B and an ascending Senkou Span A. The narrowing of the cloud suggests more volatile trading and a potentially bearish pattern. The CCI moved into extreme overbought territory but started to descend, forming a negative divergence. Traders should wait for a breakdown below 100 before entering their short positions. Will bears pressure the AUD/NZD into a reversal and down to its horizontal support 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 breakdown below the 1.0555 to 1.0610 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0585
- Take Profit Zone: 1.0350 – 1.0385
- Stop Loss Level: 1.0660
Should price action for the AUD/NZD breakout above 1.0610, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0660
- Take Profit Zone: 1.0710– 1.0740
- Stop Loss Level: 1.0610
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
