Selling opportunities AUD/NZD – Forex Trading Tips

Click here to learn how to use my trade calls!

Originally updated: 08:00

Trading Bias: SHORT

Currency pair: AUD/NZD

Current Sentiment: Bearish

In today’s trading session we will be focusing on selling opportunities AUD/NZD.

Fundamentals:

The USD recovered some of yesterdays unexpected losses overnight whilst the AUD underperformed following worse than expected data from China, confirming slowing expansion in the region. The AUD led the declines with AUD/USD and AUD/NZD breaking below the 0.7600 and 1.1000 levels. The downside in the AUD was also helped by disappointing Australian Consumer Confidence.

The NZD remained supported overnight due to cross related buying against the AUD – this could continue to provide some minor support for the NZD and help push AUD/NZD lower.

Technicals:

We expect this pair to fall lower during today’s session.

There is strong resistance at 1.0150 should it rally that far, failing that, around 1.0100 is noted as medium term level of resistance which could provide trading opportunities should the price pull back. Look for the price to bounce off this level if it retraces back to it.

Remember to be aware of intra-day news as this can very often change the sentiment which makes our trade weaker. Look for any news that could negative for the NZD which would change the sentiment on this pair

Other Market Moving News:

News overnight news is relatively limited with the USD pulling away from its lows after yesterdays sharp losses, whilst the euro remains lower across the board ahead of the ECB rate decision. Also WTI Crude futures gained overnight, due to API Crude Oil Inventories showing a significantly lower build in Oil stock piles – this rise in WTI has also strengthened the CAD over the past few days so it’s worth monitoring.

We also have the ECB Rate Decision coming out today, but with the ECB likely to remain on hold for now it will likely be a non-event, however Draghi will likely be questioned on any potential upcoming adjustments to the current QE programme, which is worth keeping an eye on.

To get daily market insights from Jarratt Davis delivered to your inbox simply enter your name and email below:

The post Selling opportunities AUD/NZD – Forex Trading Tips appeared first on Jarratt Davis.

Source:: Selling opportunities AUD/NZD – Forex Trading Tips

Won't your trader friends like this?
Jarratt Davis
About the Author
Jarratt Davis is the world’s ranked #2 (2008-2013) Forex Trader by Barclays FX Hedge Index, following years of mastering his art as a self employed trader Jarratt has now entered the field of education and delivers the most robust Forex education package on the market. Jarratt’s mentorship is one of the only programs on the market that is conducted by a verified professional trader. Forex Alchemy readers can get the FREE mini course where Jarratt gives away some of his secrets to success by Clicking Here... [space height="20"] [social type="facebook"]www.facebook.com/JarrattDavisForex/[/social] [social type="twitter"]https://twitter.com/jarrattdavis[/social] [social type="google-plus"]https://plus.google.com/+JarrattdavisForexTrader/[/social] [social type="youtube"]https://www.youtube.com/user/JarrattDavisForex[/social]

Related Posts

Leave a Reply

*