The 16 March AUDNZD Technical Forecast shows the pair trying to climb back up after shifting lower in Thursday's trading session and the pair is testing below the 1.0720 level in early Tokyo. What is more?
16 March, GKFX – Markets have been in turmoil this week following Trump's tariffs stoking fears of a trade war and the constant cycling of White House staffers leaving nerves frayed as traders grapple with trying to guess the President's next move.
Thursday proved no better for risk appetite after headlines reported that US Special Council Bob Mueller has subpoenaed the Trump Organization for materials relating to Trump businesses, and the Asia session opens worse for wear, with the government land sale scandal deepening after it was discovered that the Japanese Prime Minister, Shinzo Abe, knew about forged documents days before the government informed the public.
Aussie and the Kiwi suffer in risk-off trading
Both the Aussie and the Kiwi fared poorly in Thursday's fear-driven Dollar bid, but the Aussie fared a little worse, getting crushed across the broad currency bloc and declining against the NZD. Both the Reserve Bank of Australia(RBA) and the Reserve Bank of New Zealand (RBNZ) are set to stand pat on interest rates into 2019 with both economies struggling under the burden of lagging growth.
16 March AUDNZD Technical Forecast
Thursday's decline puts the pair back into March's consolidation range, and bullish potential for the AUD is evaporating under a declining 34-day EMA providing resistance from 1.0775, while last week's support has turned into resistance at 1.0740. Support is thinning, from the current low nearby at 1.0707 and last week's swing low of 1.0666.
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