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Australian Dollar / New Zealand Dollar

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AUDNZD trade ideas

AUD/NZD Testing Support Ahead of the RBNZ AnnouncementActive Daily Support As can be seen from the daily chart of the AUD/NZD, the trend is evidently clear: it is to the downside: a series of lower lows and lower highs. However, we are at support from NZ$1.0587, a level delivering history as far back as early 2023. While buyers did step in from here in early February 2024, resistance from NZ$1.0673 proved to be too much of a technical ceiling for the bulls, and we are now testing the aforementioned support once more. It is widely expected that the RBNZ will hold the line at tomorrow’s meeting at 1:00 am GMT, maintaining the Official Cash Rate at 5.50% (marking a fifth consecutive hold). Out of 24 economists from Bloomberg, 22 forecast a hold while the remaining two lean in favour of a 25bp hike to 5.75%. Markets are also pricing in just a 25% chance that the RBNZ move with a 25bp hike. You may recall that the last meeting at the end of November 2023 maintained hawkish language and essentially was a hawkish surprise for markets amidst worries surrounding inflation. You may also note that the RBNZ, unlike most global central banks who are on the doorstep of adopting an easing policy, communicated that if inflation were to come in hotter than expected, the central bank would likely need to tighten policy. AUD/NZD Support to Hold According to Expectations With Aussie CPI inflation anticipated to come in slightly higher (this is the monthly CPI indicator and is released 30 minutes prior to the RBNZ announcement) and the RBNZ expected to hold, a bid in AUD/NZD from current support could emerge. This, of course, conflicts against the longer-term technical picture, echoing weakened support and a downside bias. Overall, therefore, a possible scenario is that a short-term bid occurs following the release of the news, though getting past offers at resistance from NZ$1.0673 is questionable.
Long
by FPMarkets
$100k Challenge - AUDNZD Long - E1 T2Hey everyone! After some time off the charts, we're back with the funded account challenge! TL; DR for those new to the series: I started a funded account challenge in 2023, which had a bumpy start with an excellent recovery. We're currently sitting at around -3% and the target is 10%. I noticed my feedback cycle was too slow as I was trading from the daily/H4 timeframes, so, starting season two of the challenge, I'm trading out of the H4/H1 timeframes to increase the feedback loop so I can identify quicker any mistakes, as I've been away from manual trading for quite a while. We started season two with a long trade. The market has found support after a long down-trend; we did have a break of a bearish trendline; however, the market kept pushing to the downside to fail to make new lows finally. This is the opportunity I'm looking for, as we had a recent failed break in the support area, and the price action currently shows a solid bullish presence, leaving a morning star pattern right at the support zone. Regarding targets, I'm aiming for the closest resistance at the 1.0700 area, and as usual, I'm leaving the second half of the trade open since I consider that if the market breaks that resistance, we're in for quite a long bullish ride. Remember to follow me so you can stay updated with the challenge's progress! ;) That's it for today. Until the next trade!
Long
by FernandoBorea