A superb time to update the AUDNZD chart after a fresh technical breakup yesterday. The Q4 prints from antipodeans is very positive and actually triggering a slightly hawkish tilt by the RBA. Despite the brutal domestic story in Australia with bushfires and coronavirus spillovers, Scott Morrison has done the heavy lifting via housing policies.
There is a lot of AUD shorts to be unwound by leveraged retailers creating a massive upside in AUDNZD with a supportive price driver. The hawkish shift by RBA is subtle and not visible by the naked eye, there is not a single mention of coronavirus spillover effects on growth and if anything emphasis on just how temporary the impacts are.
For the technical picture things are a lot clearer in the medium term (see diagram below):
This is clearly rallying towards the 1.07-1.08 area as the bottom is defined and established. For the short-term the picture is a little more complex (as we have RBNZ on the wires this week), the double bottom set-up in play will imply a minimum flow towards 1.065x.
Don't forget to keep the likes and comments rolling in!
There is a lot of AUD shorts to be unwound by leveraged retailers creating a massive upside in AUDNZD with a supportive price driver. The hawkish shift by RBA is subtle and not visible by the naked eye, there is not a single mention of coronavirus spillover effects on growth and if anything emphasis on just how temporary the impacts are.
For the technical picture things are a lot clearer in the medium term (see diagram below):
This is clearly rallying towards the 1.07-1.08 area as the bottom is defined and established. For the short-term the picture is a little more complex (as we have RBNZ on the wires this week), the double bottom set-up in play will imply a minimum flow towards 1.065x.
Don't forget to keep the likes and comments rolling in!
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Note
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Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.