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AUD/NZD Technical Analysis - AUD/NZD Trading: 2023-07-17
AUD/NZD Technical Analysis Summary
Below 1.0722
Sell Stop
Above 1.0828
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
AUD/NZD Chart Analysis
AUD/NZD Technical Analysis
The technical analysis of the AUDNZD price chart on daily timeframe shows AUDNZD,Daily is retreating after rebounding to five-month high four weeks ago. The 200-day 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 1.0722. 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 1.0828. 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 business and consumer sentiment improved in June and July while New Zealand’s manufacturing sector remained in contraction in June for ninth month. Will the AUDNZD price retreating reverse?
National Australia Bank (NAB) reported Australia’s business confidence improved in June. National Australia Bank Business Survey for June showed NAB Business Confidence index rose to zero from negative three for May: readings above 0 indicate improving conditions, below indicate worsening conditions. A Westpac Banking Corporation survey indicated consumer confidence improved in July, while earlier Australian Bureau of Statistics data showed Australia’s Trade balance surplus rose more than expected in May: trade surplus rose to 11.79 billion Australian dollars from 10.45 billion in April when an increase to 10.85 billion was expected. Higher Australian trade surplus and improving consumer and business confidence are bullish for AUDNZD. At the same time BusinessNZ reported New Zealand’s manufacturing sector further contracted in June, according to the latest BNZ – BusinessNZ Performance of Manufacturing Index (PMI). The PMI for June declined to 47.5 - the lowest since November 2022, from 48.7 in May. Readings above 50.0 indicate that manufacturing is generally expanding; below 50.0 that it is declining. Contracting New Zealand manufacturing activity is bullish for AUDNZD pair. However, the current setup is bearish for AUDNZD.
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