"When I spoke at the Anika Foundation event last year, CPI inflation in Australia had been below 2 percent for a number of years and, in underlying terms, was just 1…
AUD/NZD faces more downside
2019-11-11 • Updated
SELL 1.0425; TP1 1.0370; TP2 1.0330; TP3 1.0250; SL 1.0455
As the Australian dollar is weakened by the dovish position of the Reserve Bank of Australia, AUD/NZD is making movements to the downside which are hard to ignore.
Let’s start with a bigger timeframe, MN. Here we see that in December the pair broke down out of a triangle within which it had been trading since 2015.
In January, there was an abnormal spike down which for some time stopped the pair from the further fall. However, the reprieve was only temporary. We see that AUD/NZD formed a lower high in February and then slid below the former support and now resistance area at 1.0450. The downside targets now lie at the 2017 and 2016 lows.
The riskier New Zealand dollar skyrocketed and pushed the NZD/USD pair up to the resistance level of 0.7150. How to trade it now?
We have outlooked several promising Forex pairs and the result can surprise you!
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