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AUDNZD Looks to New Zealand's Two Year Inflation Expectation to Dictate Price Action

AUDNZD Looks to New Zealand's Two Year Inflation Expectation to Dictate Price Action

2011-02-21 16:30:00
Michael Wright, Currency Analyst
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Potential 24 Hour Setups

Currency Pair

Potential Target

Pivot Support

Pivot Resistance

Pending Short AUDNZD @ 1.32

1.318

1.3151

1.3338

*Trade updates during the course of the day will be provided through our real time news page.

Review of Price Action on the Previous Day’s Trade

Currency

Entry

Potential Target

Close

Short EURAUD

1.3419

1.3379

-Flat-

*Note: EURUSD short is from the last updated report on Thursday

The AUDNZD is under pressure as of late ahead of New Zealand’s 2 year inflation expectation for the first quarter. As growth in New Zealand is expected to come under pressure amid a weak housing market alongside the economy struggling to regain its footing due to its recent devastating earthquake, a surprise reading of 2.7 percent or higher may fuel kiwi strength against the aussie. Taking a look at price action, the pair managed to break below its rising 4 hour trend line and now looks poised to push lower as technical studies paint a bearish picture. All in all, look for selling opportunity below 1.320. As price action moves in our favor, make sure to place a trailing stop to avoid any unforeseen losses.

AUDNZD 1Hour Chart

Intraday_Trading_02_21_11_body_audnzd.png, AUDNZD Looks to New Zealand's Two Year Inflation Expectation to Dictate Price Action

Charts Created Using FXCM’s Strategy Trader

Close: 1.3439

Retail positioning relates to our speculative sentiment index which illustrates where traders are at in the market. The larger the retail positioning is within the highlighted area, the more likely it is that longs exceed shorts or vice versa. We will look to use this indicator in conjunction with other technical developments to dictate price action over the next 24 hours.

Every day at 16:00 GMT, we analyze potential 24 hour trade set ups. The trade is no longer valid if it is not triggered by 16:00 GMT the next day. Good luck trading!

Written by Michael Wright, Currency Analyst

To Receive Future Articles by Email, please contact me at instructor@dailyfx.com

Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Weekly Spotlight, Intraday Trading, and Forex Trading Weekly Forecast

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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