Chapter 1 Is the AUDNZD starting the downtrend?
19/01/2023
Summary
Australian unemployment rates drive the market
Fundamental analysis
Australian data in the economic calendar has been released today With negative results for the unemployment rates at 3.5% and the employment rates at -14.6K This result shows a lot of people who lost their job Far away from the previous month's results at 58.3K, On the other hand, we don't have news this week for the New Zealand dollar.
Australia Unemployment Rate
Previous 3.4%
Actual 3.5%
Australia Employment
Previous 58.6K
Actual -14.6K
Technical analysis
In this 4-hour diagram chart, We can see the market is trending down and breaking the previous demand zone at 1.08010. Then the price pulled back to the last demand zone which is now become the supply zone With a 20-moving average still pointing down, We expect the market will continue this downtrend To the oldest demand zone at 1.06890.
Trading Recommendation
Trading Direction: Short
Entry Price: 1.07613
Target Price: 1.06897
Stop Loss: 1.08013
