Forex Trading: AUDNZD Technical Analysis - January 28, 2019 - FXDailyReport.com

-
Free $50 Forex No-Deposit Bonus

The Australian Dollar (AUD) inched lower against the New Zealand Dollar (NZD) on Monday, decreasing the price of AUDNZD to less than 1.0500 following some key economic releases. The technical bias may turn bullish because of the higher high in the recent upside move.

AUD/NZD Technical Analysis

As of January 28, 2019, the pair is being traded around 1.0542.  Since the price slid down, therefore, a support may be seen around 1.0422, the major horizontal support ahead of 1.0348, the 38.2% Fib level support and then 1.0107, the low of January 03, 2019 as demonstrated in the given below chart.

AUDNZD

Related Articles:

On the upside, the 61.8% Fib level resistance can be noted around 1.0670 ahead of 1.0910 the trendline resistance and then 1.1019, the key horizontal resistance area as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.0454, the major horizontal support level remains intact.

Australian Trade Balance News

In Australia, the figure concerning trade balance remained 2316 Million in October, as compared to 2940 Million during the month before, down beating the economist expectation which was 3200 Million. The data is copied from the news released by the Bureau of Statistics, Australia.

The figure represents the difference between the level of imports and exports concerning goods and services. Increasing the number of export shows the growth in the economy of the country whereas an increasing number of imports indicates the level of demand prevailing in Australia. It also indicated the expected performance of export in the future. Generally speaking, higher export levels show a bullish trend for the Australian Dollar (AUD) and vice versa.

Trade Idea

Considering the overall price behavior of the pair over the last few weeks, buying the AUDNZD around current levels may be a good decision in short to medium term.



http://bit.ly/2RXIAb6

Comments

Post a Comment

Popular posts from this blog

Position Sizer Expert Advisor for MT4/MT5 - EarnForex News

-
Image
Position Sizer (MetaTrader expert advisor) calculates how many lots to trade based on: Entry and stop-loss levels Risk tolerance Account size (balance, equity, or even your savings account) Account currency Currency exchange rates Its main features include: Works with any trading instruments — currency pairs, CFDs, equities, indices, commodities, futures, cryptocurrencies. Calculation inputs and results are displayed in a graphical panel. The panel can be moved freely across the chart. You can easily close or minimize it. All calculation parameters can be adjusted inside the panel in one or two mouse clicks. Entry, stop-loss, and take-profit lines can be dragged directly on the chart. You can choose to set stop-loss and take-profit as distance in points. Alternatively, you can set them as multiples of ATR (Average True Range). If a take-profit is given, the calculator shows the potential reward level and the risk-...
Read more

NZD/USD drops from weekly highs post-dismal ADP report, meanders around 0.6630s - FXStreet

-
Image
The NZD/USD snaps two consecutive days of gains, down 0.15%, amid a positive market mood. The US ADP employment report was dismal, though it barely influenced the US dollar. NZD/USD is downward biased, and failure to break above a downslope trendline opened the door for the YTD low. The New Zealand dollar climbs but retreats from weekly highs around 0.6662 after mixed than foreseen NZ jobs report released in the Asian session. At the time of writing, the NZD/USD is trading at 0.6637. The US ADP Employment report was ignored by investors as they prepare for Friday's NFP An hour and a half before Wall Street's opened, the ADP Jobs report was released. The figures were dismal, showing the losses of more than 301K employments when polled economists expected at least 207K private jobs added to the economy.  The ADP Chief Economist said that "The labor market recovery took a step back at the start of 2022 due to the effect of the Omicron va...
Read more

Wyckoff Method: Rules, Accumulation, and Distribution - Investopedia

-
Image
Legendary technician Richard Wyckoff wrote about financial markets in the early decades of the 20th century at the same time as did Charles Dow, Jesse Livermore, and other iconic market analysis figures. His pioneering approach to technical analysis known as the Wyckoff Method has survived into the modern era. It continues to guide traders and investors in the best ways to pick winning stocks, the most advantageous times to buy them, and the most effective risk management techniques to use. Wyckoff's observations on price action coalesced into what's known as the Wyckoff market cycle. It's a theory that outlines key elements in price trend development that are marked by periods of accumulation and distribution. Four distinct phases comprise the cycle: accumulation, markup, distribution, and markdown. Wykoff also defined rules to use in conjunction with these phases. These rules can further help to identify the location and significance of price within the broad s...
Read more