Chapter 16 Is AUDNZD back to the uptrend?
16/03/2023
Summary
Today data release in Australia and New Zealand leads the market
Fundamental analysis
Fundamentally on this pair AUDNZD, we have a news release in the early morning of the economic calendar regarding the unemployment rate for Australia with a very positive result it decreases the rate to 3.5% better than the Previous result of 3.7%, On the other hand, gross domestic product (GDP) came negative at 2.2% worse than the previous result 6.4%.
Australia Unemployment Rate
Previous 3.7%
Actual 3.5%
New Zealand GDP YoY (SA) (Q4)
Previous 6.4%
Actual 2.2%
Technical analysis
In this 4-hour diagram chart, the market price now is 1.07881, we expect the market to push down the price to the previous demand zone at 1.07500 then we expect the price to push up to the oldest supply zone at 1.08700 Creating higher lows and higher highs with 20 moving averages pointing up.
Trading Recommendation
Trading Direction: Long
Entry Price:1.07596
Target Price:1.08637
Stop Loss: 1.07173
