Trading Outlook – AUD/NZD

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Originally updated: 07:45am

Currency Pair: AUD/NZD

Sentiment: Bearish

Market focus:

In today’s trade set up we will be focussing on short term selling opportunities on the AUD/NZD.

Fundamentals:

The kiwi rallied overnight after a surprisingly less dovish tone from RBNZ Governor Graeme Wheeler who said there is potential for future rate increases at a later stage. Looking over to Australia, we had what appeared to be good employment numbers, however the numbers were mostly made up of part time jobs, which caused gains to be pared.

Technicals:

I expect this pair to continue its down move during the session, eventually hitting 1.0550. If the market does retrace back up then there is a nice confluence zone of resistance that traders could use as a reference to sell from again.

The confluence zone is at 1.0755-1.0770

Stop loss could be placed at 1.0805

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Source:: Trading Outlook – AUD/NZD

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