Disappointing CPI figures have made the AUDNZD pair slip. To what level? How is the pair currently trading? Learn these from the 31 January AUDNZD Technical Outlook.
31 January, GKFX – AUD/NZD is currently trading down in Asia after tumbling to a two-day low following disappointing inflation data for Australia; price is currently battling it out just underneath the 1.0970 handle.
- CPI disappoints, AUD drops in Asia.
- Annual inflation data 1.9% versus expected 2.0%.
CPI inflation figures for Australia’s fourth quarter in 2017 failed to meet market expectations, showing little expansion of economic growth for the country. Private sector credit figures, while the impact is minimal, didn’t help the Aussie Dollar, reporting an unexpected squeeze in the growth rate for private sector borrowing.
With little on the docket for the rest of the week for either of the Antipodeans, markets can expect knock-on risk impacts from President Donald Trump’s State of the Union Address today at 02:00 GMT, and US Non-Farm Payrolls on Friday.
31 January AUDNZD Technical Outlook
AUD/NZD has collapsed beneath the 34 EMA on H4 charts as technical indicators continue to turn bearish, and the pair continues to drive closer to the major 200-day MA on the Dailies, pricing in a sideways range between 1.1050 and 1.0860; the next swing support/resistance for the pair is found at 1.0940 and 1.0990, respectively.
This article 31 January AUDNZD Technical Outlook 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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