AUDNZD Sees a Possible Reversal After Hitting a Major Support Level

  • AUDNZD remains one of the highlights this week. Pitting the two against each may give some good short term opportunities for these risk on currencies.

     

    Fundamentals of NZD and AUD

    It’s important to note that the RBNZ has held the currency lower this month because the increase in value put immense pressure on the exports. Due to that, the RBNZ preferred to keep the price low to balance the economy. At the same time, the RBA stated that the AUD’s price levels are not a problem so far. They don’t really see a problem with its short term appreciation.

     

    Technical Outlook

    1.06085 is the level to look at right now. The price is playing around this support level and may go down further before it can experience a bounce. But if it does decide to go lower, then the next level to look out for is 1.04722. So far, the overall trend is still bearish so it is still hard to see whether a reversal is going to be in place or not. The reversal may depend more on the fundamentals this time.

     

    Risk Disclaimer:

    Information on this page are solely for educational purposes only and is not in any way a recommendation to buy or sell certain assets. You should do your own thorough research before investing in any type of asset. Learn to Trade does not fully guarantee that this information is free from errors or misstatements. It also does not guarantee that the information is completely timely. Investing in the Foreign Exchange Market involves a great deal of risk which may result in the loss of a portion or your full investment. All risks, losses and costs associated with investing, including total loss of principal and emotional distress, are your responsibility.

Due to COVID 19 outbreak, we have transitioned everything ONLINE. This is to make sure there is zero impact on your safety, security and still maximize your learning experiences with Learn to Trade.

You can close this pop-up to see all our online schedules.