📉AUDNZD SELL 📉
💰Take Profit 1 - 1.0810
💰Take Profit 2 - 1.0760
💰Take Profit 3 - 1.0710
❌ Stop loss - 1.0990
Technical analysis:
The AUDNZD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 1.0890, and a sell entry point of 1.0890 is just below the recent high of 1.0910.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The Australian dollar is generally seen as a commodity currency, and it has been weakening against the New Zealand dollar as concerns about the global economy have grown.
Second, the Reserve Bank of Australia (RBA) is expected to raise interest rates more slowly than the Reserve Bank of New Zealand (RBNZ), which could put downward pressure on the AUD against the NZD.
Finally, the Australian economy is expected to grow more slowly than the New Zealand economy in the near term. This is due to a number of factors, including the ongoing trade tensions with China.
Risks:
There are a few risks to consider before entering a trade on AUDNZD. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a rise in AUDNZD.
Second, the RBNZ is also expected to raise interest rates, which could put upward pressure on the New Zealand dollar.
💰Take Profit 1 - 1.0810
💰Take Profit 2 - 1.0760
💰Take Profit 3 - 1.0710
❌ Stop loss - 1.0990
Technical analysis:
The AUDNZD pair is currently in a bearish trend, and it is currently trading near the top of its range. The current spot rate is 1.0890, and a sell entry point of 1.0890 is just below the recent high of 1.0910.
The pair is also trading below its 200-day moving average, which is a bearish signal. The pair is also forming a descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The Australian dollar is generally seen as a commodity currency, and it has been weakening against the New Zealand dollar as concerns about the global economy have grown.
Second, the Reserve Bank of Australia (RBA) is expected to raise interest rates more slowly than the Reserve Bank of New Zealand (RBNZ), which could put downward pressure on the AUD against the NZD.
Finally, the Australian economy is expected to grow more slowly than the New Zealand economy in the near term. This is due to a number of factors, including the ongoing trade tensions with China.
Risks:
There are a few risks to consider before entering a trade on AUDNZD. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a rise in AUDNZD.
Second, the RBNZ is also expected to raise interest rates, which could put upward pressure on the New Zealand dollar.