News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY (AUG) due at 01:30 GMT (15min) Previous: 57.3% https://www.dailyfx.com/economic-calendar#2021-09-28
  • Heads Up:🇦🇺 Retail Sales MoM Prel (AUG) due at 01:30 GMT (15min) Previous: -2.7% https://www.dailyfx.com/economic-calendar#2021-09-28
  • Join @FxWestwater at 22:00 EST/2:00 GMT for a webinar on preparing to trade commodities markets in the week ahead. Register here: https://t.co/qTOa61aMmN https://t.co/0215tACld8
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/Dq7umm2uyz
  • RT @FxWestwater: $NZDUSD Struggles as RBNZ Hike Bets Dim. Australian Retail Sales, Chinese Data Near Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/27/NZDUSD-Struggles-as-RBNZ-Hike-Bets-Dim-Australian-Retail-Sales-Chinese-Data-Near.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • Heads Up:🇯🇵 BoJ Monetary Policy Meeting Minutes due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-27
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/bDBOkVQlOO
  • Senate GOP blocks bill combining debt ceiling with government funding - BBG
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/DuVdXjufw9
  • Japan says North Korea may have launched ballistic missile Kyodo via BBG
AUD/NZD Slope of Influence Highlights Key Inflection Point

AUD/NZD Slope of Influence Highlights Key Inflection Point

Michael Boutros, Strategist

Talking Points

AUDNZD Daily

AUD/NZD Slope of Influence Highlights Key Inflection Point

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: AUDNZD is testing key near-term support at the confluence of the 61.8% extension of the September decline, the 61.8% retracement of the 2015 range and slope support. Note that the origin of this slope is derived from the advance off the January 2014 low and has defined some major key pivots in price over the last 2 years.

A break below this threshold targets downward slope support extending off the August 31st high (~1.0515) and the measured move of the July-September range break at 1.0442. Subsequent targets eyed at the confluence of the 100% extension & slope support at 1.0230/40.

Interim resistance stands at the monthly/weekly/yearly open at 1.0662 backed by downslope resistance, currently around the 1.07-handle. We’ll reserve this level as our near-term bearish invalidation level with a breach above the highs shifting the focus back towards the 200DMA at 1.0848.

AUDNZD 30min

AUD/NZD Slope of Influence Highlights Key Inflection Point

Notes:A break below the weekly opening range shifted near-term focus back to the short-side with the decline now testing confluence support at 1.0550/59. The pair has been trading within the confines of a tight descending channel formation off the weekly high & a break above channel resistance may offer a brief reprieve to the downside pressure. Such a scenario invalidates the immediate downside bias, but we would ultimately be looking to sell that rally. Near-term resistance stands at 1.0624 backed by the 1.0664 with our medium-term bearish invalidation level set at the upper median-line parallel / 1.07.

Bottom line: it’s a downtrend at support and a break lower from here targets the October low-day close at 1.0518 & the 1.618% extension at 1.0483. A quarter of the daily average true range (ATR) yields profit targets of 22-25pips per scalp. Added caution is warranted heading into tomorrow’s highly anticipated U.S. Non-Farm Payrolls report with the release likely to fuel volatility in risk-sensitive pairs. Consensus estimates are calling for a print of 200K on NFPs with the headline unemployment rate expected to hold steady at 5.0%.

For updates on this setup and more throughout the week, subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders” series.

Relevant Data Releases

AUD/NZD Slope of Influence Highlights Key Inflection Point

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Deskat 12:30 GMT (8:30ET)

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

DISCLOSURES