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Short-term Trading Idea FX AUD/NZD – Bull Speculation: Break in the Resistance

Trading opportunities on currency pair: the AUD/NZD has broken from the support and strengthened above the resistance. If the upward movement continues, I’d expect a continuation of the growth. The targets are 1.1420 and 1.1565. The idea will cancel out with any fall below 1.0895.

The Aussie has broken from the support after the Reserve Bank of New Zealand (RBNZ) dropped its base rate by 0.25% to 2.75%. The decision met expectations, but the New Zealander lost against all other currencies.

The RBNZ governor, Graham Wheeler, stated that there may be even further relaxation of monetary policy, depending on the economic data that comes in. Since no one expects the RBA (Reserve Bank of Australia) to put its rates up this year, the likelihood of a return of the AUD/NZD to 1.1398 and then to 1.1563 has increased.

It’s worth noting that trades have finished above the correction al model. This is important since the line goes along the closing prices. I’ve marked out two targets for the next two weeks: 1.1420 and 1.1565.

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