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
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:🇦🇺 Ai Group Services Index (JUL) due at 22:30 GMT (15min) Previous: 31.5 https://www.dailyfx.com/economic-calendar#2020-08-06
  • After a brief pause at the end of July, the #gold price rally has resumed full steam ahead in August, with fresh all-time highs emerging for each of the past three days.Get your $XAUUSD market update from @CVecchioFX here: https://t.co/tNl7KTX8CD https://t.co/4I5nHcw1GM
  • $USDJPY Daily Pivot Points: S3: 104.74 S2: 105.3 S1: 105.52 R1: 106.08 R2: 106.42 R3: 106.98 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • White House Chief of Staff Meadows says stimulus discussions will last as long as needed tonight - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.61% 🇳🇿NZD: 0.60% 🇬🇧GBP: 0.21% 🇯🇵JPY: 0.05% 🇨🇭CHF: -0.14% 🇨🇦CAD: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tnW4af9aVr
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 7.24% Gold: 1.33% Oil - US Crude: 0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YbvtFCzKwH
  • US moves to tighten disclosure requirements for Chinese listed securities on US exchanges - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.93%, while traders in US 500 are at opposite extremes with 76.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2L02UUzPZP
  • The S&P 500 continues its move higher on Thursday with investor hopes for fiscal stimulus rise as the stalemate in congress endures. Now within 2% of its prior all-time high,Get your S&P500 market update from @FxWestwater here:https://t.co/LQvQw51Vcy https://t.co/ttKETOBHeU
  • #AUDUSD boldly broke above a 2019 resistance range, but negative RSI divergence shows upside momentum is slowing. Do you think the pair will capitulate or break past the upcoming ceiling at 0.7295? https://t.co/FV64qtuXXL
Australian Dollar vs New Zealand Dollar: AUD/NZD Nearing Key Support

Australian Dollar vs New Zealand Dollar: AUD/NZD Nearing Key Support

2020-07-08 11:15:00
Justin McQueen, Analyst
Share:

AUD/NZD Price Analysis and News

  • AUD/NZD Reversal Nearing Critical Support
  • RBNZ Prefers a Lower NZD, while RBA is Comfortable with AUD
  • NZD TWI Overshoots RBNZ’s Forecast

AUD/NZD Reversal Nearing Critical Support

Since the rejection at the near 1.09 mark, which coincided with key trendline resistance, AUD/NZD has posted a modest reversal. However, while short-term risks remain biased to the downside, particularly as concerns over tensions between the US and China persist. We view that risks are for longer-term gains, particularly as the RBNZ has shown more unease over the appreciation of its currency relative to the RBA with the AUD.

AUD Forecast
AUD Forecast
Recommended by Justin McQueen
Download our fresh Q3 AUD Forecast
Get My Guide

RBNZ Prefers a Lower NZD, while RBA is Comfortable with AUD

At the June monetary policy meeting, the RBNZ had noted that the appreciation in NZD had placed further pressure on export earnings, while also dampening the inflation outlook. In contrast, the RBA Governor recently stated that while they would want to see a lower AUD, current levels are not a problem at this point, signalling that the RBA is at ease with the appreciation in the AUD. That said, given the RBNZ’s more explicit rhetoric with regards to talking down the exchange rate, further upside in the NZD may be a struggle in the lead up to the August MPS, in which risks remain for further easing in policy (Key risk being direct purchases of foreign assets).

NZD/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 9% 5% 6%
Weekly 22% -8% 3%
What does it mean for price action?
Get My Guide

Figure 1. NZD TWI Overshoots RBNZ’s Forecast

Australian Dollar vs New Zealand Dollar: AUD/NZD Nearing Key Support

AUD/NZD Outlook

While the short-term outlook appears skewed to further losses on a break below 1.06, eyes will be on for key support situated at 1.0530-50, which offers attractive levels for a bounce-back in the pair.

AUD/NZD Price Chart: Daily Timeframe

Australian Dollar vs New Zealand Dollar: AUD/NZD Nearing Key Support

Source: IG

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

DISCLOSURES

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.