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AUD/NZD Technical Analysis - AUD/NZD Trading: 2023-12-18
AUD/NZD Technical Analysis Summary
Below 1.0760
Sell Stop
Above 1.0813
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Sell |
| Fractals | Neutral |
| Parabolic SAR | Sell |
| Fibonacci | Buy |
AUD/NZD Chart Analysis
AUD/NZD Technical Analysis
The technical analysis of the AUDNZD price chart on 4-hour timeframe shows AUDNZD,H4 is retreating after rebounding to three-week high last session. The 200-period moving average MA(200) continues to decline. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 1.0760. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.0813. After placing the order, the stop loss is to be moved to the next fractal high indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - AUD/NZD
Australia’s private sector activity declined again at the end of 2023 while New Zealand’s services sector resumed growing in December. Will the AUDNZD price retreating persist?
S&P Global reported Australia’s private sector activity contracted again in December. Depressed demand including foreign demand was cited as the reason for declining activity as firms raised their charges at a faster rate than easing input cost inflation. At the same time Australia’s unemployment rate rose to the highest level in one and half years in November. Meanwhile BusinessNZ reported New Zealand’s services sector activity ceased contracting in November and grew – the BusinessNZ Services Index rose 51.2 from 49.2 in October. Readings above 50.0 indicate that services sector is generally expanding; below 50.0 that it is declining. Contracting Australia private sector activity is bearish for Australian dollar and the AUDNZD pair, and expanding New Zealand services activity is bullish for New Zealand dollar and bearish for AUDNZD pair.
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