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AUD NZD Technical Analysis - AUD NZD Trading: 2020-06-09
AUD/NZD Technical Analysis Summary
Below 1,066
Sell Stop
Above 1,088
Stop Loss
| Indicator | Signal |
| RSI | Sell |
| MACD | Sell |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Sell |
| Bollinger Bands | Neutral |
AUD/NZD Chart Analysis
AUD/NZD Technical Analysis
On the daily timeframe, AUDNZD: D1 is correcting down from the maximum since October 2018. The currency pair chart broke down the support line of the uptrend and the channel. A number of indicators of technical analysis formed signals for a further decrease. We do not exclude a bearish movement if AUDNZD falls below its last lower fractal and 1st Fibonacci level: 1,066. This level can be used as an entry point. We can set a stop loss above the last upper fractal, Parabolic signal and the upper Bollinger band: 1,088. After opening the pending order, we move the stop loss following the Bollinger and Parabolic signals to the next fractal minimum. Thus, we change the potential profit / loss ratio in our favor. After the transaction, the most risk-averse traders can switch to a four-hour chart and set a stop loss, moving it in the direction of the trend. If the price meets the stop level (1,088) without activating the order (1,066), it is recommended to delete the order: some internal changes in the market have not been taken into account.
Fundamental Analysis of Forex - AUD/NZD
Market participants believe that the recovery of Australia's economy after the coronavirus pandemic may be slower than that of New Zealand. Will AUDNZD quotes decrease?
The downward movement on the chart means the strengthening of the New Zealand dollar against the Australian dollar. On Monday, the authorities of New Zealand reported the absence of patients with coronavirus (which means everyone recovered there). Since June 9, almost all restrictions introduced earlier due to the spread of COVID-19 have been lifted in the country. In Australia, the situation is also under the control of the authorities, but still there are about 500 patients with coronavirus. Since mid-May, the number of new COVID-19 patients in Australia has been around 7-8 people per day. Australia's GDP in the 1st quarter of 2020 showed an increase of 1.4% in annual terms, which was the minimum since 2009. New Zealand's GDP for the 1st quarter will be released on June 18 and some investors believe that it may be better than the Australia's GDP.
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
