Has the AUDNZD pair shaken off the dismal employment figures from Australia? How does the pair trade? Examine the 15 February AUDNZD Technical Forecast to find out.
15 February, GKFX – AUD/NZD is trading near 1.0745, and it looks like the pair has shaken off the dismal employment figures from Australia that saw almost fifty thousand full-time jobs erased from the island economy.
The Reserve Bank of Australia (RBA) has been forced onto their haunches recently, as lagging growth has left Australia’s central bank in a decided holding pattern, set to hold on rates for the rest of the year waiting for growth to pick up while other central banks are getting ready to raise rates in the face of inflation, with multiple rate increases expected this year from the Bank of England and the Federal Reserve.
RBA Gov Lowe to speak
The RBA’s reaction to the jobs data will be heard when RBA Governor Philip Lowe speaks at 22:30 GMT today. With softening and mixed economic data still on the cards for Australia, the Aussie looks set to continue its gradual decline against the kiwi, with price currently trading just beneath the consolidation range that has marked the pair for the past seven trading days.
15 February AUDNZD Technical Forecast
Intraday levels of note will be yesterday’s high/low, at 1.0806 and 1.0721 respectively, while long-term conditions are beginning to look decidedly bearish, with Daily candles trading below the 200-day SMA and beginning to break lower. Any attempts at a reversal will face extreme resistance at the 1.0860 level, and a close below 1.0712 will see the pair trading at six-month lows.
This article 15 February AUDNZD Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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