AUDNZD – BUY – Wednesday 18th December

AUDNZD – BUY – Wednesday 18th December (Closed)

Good afternoon Forex Kings,

This week we are expecting weakness to flow into the NZD after a strong rally over the last two weeks.

Tomorrow NZ will release their GDP which has been in a decline for a long duration.

Whilst they are forecasting an up tick in GDP YoY, there GDP has been in a strong decline over the last 3 years.

This means a miss of the forecast could put weakness into the NZD.

 

The RBA on the other hand during their last interest rate statement suggested the Australian economy appears to be at a gentle turning point. With some strength pushing back into the AUD.

Trade Analysis

The AUDNZD has broken a negative trend line and has now re-tested the trend.

With the AUDNZD forming a higher low we could now see some upside on the pair, especially if the NZ misses its GDP forecast tomorrow.

Trade Set Up: BUY at market price, stop loss set at 1.0375, and take profit of 1.0530.

Stop loss is roughly 50 pips, and take profit is roughly 100.

Trade Setup
BUY AUDNZD

Entry
1.0430

Take Profit
1.0530

Stop Loss
1.0375