AUD/NZD hovers around 1.0809 level, mixed picture ahead

ForexFraud

The Australian and New Zealand dollars are currently located at what could be a defining moment on the price charts.

The AUD/NZD pair is located at the epicentre of what was formerly a resistance line on the price charts – but which has now become a support line.

The pair is located at around 1.0809, though this could be about to change.

The main key event to have shifted this pair in particular over recent days was an economic data release from Australia.

This release showed that Australian GDP had plummeted by 7% over the course of June, leaving the country in the grip of a recession.

On that occasion, the AUD/NZD pair showed signs of a major dip.

According to analysts, the pair could now go one of two ways after this news.

One key point to remember is that the currency is now at the higher end of a descending resistance line that is five years in length.

Strategists suggest that this could become vital in determining where the pair goes next.

Turning away from price chart analysis, the economic calendar has a number of key moments scheduled in over the coming days.

Friday morning will see a very important data release from Australia.

Retail sales figures for the month of July will be out at 12:30am GMT.

Month on month, these are expected to hold firm at 3.3%.

Traders of the Aussie dollar will be hoping for this development to come through to show signs of hope for the economy – especially given the recent news that the country is officially in recession.

Sunday will see a Performance of Services Index from the Australian Industry Group.

This is due to cover the month of August, and will be released at 10:30pm GMT.

It will focus in particular on how business conditions look in the country’s service industry.

Looking ahead to next week, Monday morning will see a release from ANZ Bank looking at the levels of job adverts in the country – a key look at the performance of the labour market.

This release will come at 1:30am GMT.

The level was last recorded at 16.7%.

On Tuesday morning, there will be more insight into the state of business in the country when the National Australia Bank releases its business confidence survey for August.

This was last noted at -14.

The same bank will reveal its business conditions survey for August in the same time slot.

Both of these releases will come at 1:30am GMT.

While the week will get off to a quiet start for the New Zealand dollar, there will be some action.

Manufacturing sales figures for Q2 2020 will be out at 10:45pm GMT.

This metric was last recorded at -1.7%, though there is currently no indication of where it is likely to go next.


ForexFraud

Latest news

EUR/GBP Eyeing 0.9282 Level on the Forex Price Charts
The pair containing the single European currency and the British pound has been closely watched in recent weeks. Read more
NZD/USD Looking at 0.6503 Support, US Debate on Cards
The New Zealand dollar experienced some temporary upturns following the announcement from the Reserve Bank of New Zealand that interest rates will be held firm. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2012 Global CFD and FX broker
Number One Broker
Best FOREX BROKER Visit broker
5
#2 Your capital is at risk Founded: 2012 Global Forex Broker
Number One Broker
Best Trading App Visit broker
5
#3 Forex Broker Pepperstone LogoYour capital is at risk Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9
#4 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
4.9
#5 BlackBull MarketsYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8

    Forex Fraud Certified Brokers

    XM Logo
    Forex.com Logo
    IQ Option Logo
    Exness Small Logo
    skilling logo
    FXTM Logo
    BlackBull Markets Small Logo
    Plus500 Small Logo
    HYCM Logo
    VantageFX Small Logo
    LegacyFX Small Logo
    ATFX Logo
    Oinvest Small Logo
    OctaFX Logo
    City Index Logo
    Pepperstone
    Oanda Small Logo