AUDNZD: Cross Higher after Antipodean Data

19 / 04 / 2018
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The AUDNZD cross was trading 0.30% stronger on Thursday and was hovering around 1.0660 during the London session, after many Antipodean macro news released overnight.

The New Zealand CPI inflation improved notably to 0.5% quarter on quarter, up from 0.1% previously. Analysts had expected acceleration to 0.4%. The kiwi rather ignored this number rose only slightly.

On the other hand, the Australian employment change improved, albeit only marginally, to 4,900 from -6,300, although analysts had forecast 20,300 for the previous month. The unemployment rate stayed at 5.5%. The Aussie was bid afterward.

The AUDNZD cross posted a big bullish wedge pattern, which was confirmed on Wednesday with a breakout from this formation. Therefore, the outlook seems bullish for the next days. The resistance is now at 1.07 and if broken, further rise toward the 100 day moving average near 1.08 could occur.

Bulls will be defending the 1.06 level and if not held, bears could push the cross to the broken bullish trend line located near 1.0560. In all cases we strongly recommend to have rigorous money and risk management.

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