HomeAnalysis NewsForex Trading: AUDNZD Technical Analysis – October 16, 2019

Forex Trading: AUDNZD Technical Analysis – October 16, 2019

16 October 2019 By Galina Mikova

 

The Australian Dollar (AUD) goes up against the New Zealand Dollar (NZD) on Wednesday,  increasing the price of AUDNZD to more than 1.0700 after some key economic news releases. The technical inclination may bullish since the lower high in downside move, imprinted on the chart.

AUD/NZD Technical Analysis

Currently, the AUDNZD is being traded around 1.0734, the immediate trendline resistance that may cause a barrier in the path of upward movement is noted around 1.0731 afterward at 23.6% Fib level be of 1.0772,  and then at 1.0839, the key horizontal resistance is noted as demonstrated in the given below chart.AUDNZD

Speaking about the downside, the matches of two trendlines support of  1.0710 can keep the price from decreasing further, ahead of 1.0705, the 23.6% Fib level support and a while later 1.0664, the significant major support stays, as shown in the given above chart. The technical bias shall follow the bullish pattern as long as the 1.0710, the major support level remains flawless.

NZD Consumer Price Index

In New Zealand, the figure concerning the consumer price index remained 0.7% in this 3rd quarter, as compared to 0.6% during the month before, up beating the economist expectation which was 6%. The data is copied from the news released by Statistics New Zealand.

Consumer Price Index is a measure of price movement by the correlation between the retail costs of a delegate shopping bin of goods and services. The buy intensity of NZD is hauled somewhere around expansion. The CPI is a key indicator to measure the inflation and changes in obtaining patterns. A high perusing is viewed as positive (or bullish) for the NZD, while a low perusing is viewed as negative.

Trade Idea

Considering the general price behavior in the course of the most recent couple of weeks, selling the AUDNZD around current levels might be a decent choice in the short to medium term.