Australian consumer confidence decreased slightly, but business confidence managed to increase which boosted the Australian Dollar. Forex traders started to grow anxious about the state of the phase one US-China trade deal, as issues remain. The AUDNZD managed to remain inside its resistance zone, what is next for this currency pair, will bulls overrun resistance or will bears make a stand? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.
The New Zealand ANZ Truckometer Heavy Index showed a healthy gain in October and slightly surpassed September’s gain. This is a positive sign for the New Zealand economy which was slightly countered by a small decrease in visitor arrivals. Forex traders are now awaiting this week’s RBNZ meeting where a 25 basis point interest rate cut is expected. How will this impact the AUDNZD? Today’s fundamental analysis will take a look at the upside potential as well as downside risk in this currency pair.
Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of November 10th was reported at 111.1. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of November 3rd which was reported at 113.5.
- Australian NAB Business Conditions and Australian NAB Business Confidence: Australian NAB Business Conditions for October were reported at 3 and Australian NAB Business Confidence at 2. Forex traders can compare this to NAB Business Conditions for September which were reported at 2 and to Australian NAB Business Confidence which was reported at 0.
Here are the key factors to keep in mind today for New Zealand Dollar trades:
- New Zealand ANZ Truckometer Heavy Index: The New Zealand ANZ Truckometer Heavy Index for October decreased by 2.5% monthly. Forex traders can compare this to the New Zealand ANZ Truckometer Heavy Index for September which increased by 2.4% monthly.
- New Zealand Migration: Permanent/Long-Term Migration for September was reported at 3,440. Forex traders can compare this to Permanent/Long-Term Migration for August which was reported at 4,150. Visitor Arrivals for September decreased by 0.3% monthly and External Migration & Visitors increased by 1.4% monthly. Forex traders can compare this to Visitor Arrivals for August which increased by 1.4% monthly and to External Migration & Visitors which increased by 1.8% monthly.
- Reserve Bank of New Zealand 2-Year Inflation Expectations: Reserve Bank of New Zealand 2-Year Inflation Expectations for the fourth-quarter increased by 1.80%. Forex traders can compare this to Reserve Bank of New Zealand 2-Year Inflation Expectations for the third-quarter which increased by 1.86%.
Should price action for the AUDNZD remain inside the or breakdown below the 1.0755 to 1.0860 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0810
- Take Profit Zone: 1.0530 – 1.0615
- Stop Loss Level: 1.0900
Should price action for the AUDNZD breakout above 1.0860 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0900
- Take Profit Zone: 1.1020 – 1.1080
- Stop Loss Level: 1.0860
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