AUDNZD: Are we going to see a period of AUD weakness versus NZD?
We have seen a break of up trend on the 4H AUDNZD chart. I'm looking to trade a retracement of the initial impulse back up to the 0.618 Fibonacci level.
Fundamentally CPI data, released today, from Australia has showed the inflation has slowed (2.7% down from 3.5%). Is the market going to price in a AUD rate cut? Who knows!
In anticipation of this I have place a limit order to sell at 1.0907, SL at 1.0950 and TP at 1.0824.
Fundamentally CPI data, released today, from Australia has showed the inflation has slowed (2.7% down from 3.5%). Is the market going to price in a AUD rate cut? Who knows!
In anticipation of this I have place a limit order to sell at 1.0907, SL at 1.0950 and TP at 1.0824.
Note
I think we have the answer to my answer to question; "Are we going to see a period of AUD weakness versus NZD?". The short answer is no I believe.
My limit order was executed and was on the news that the Chinese government are going to introduce some measurements to stimulate the economy (last Wednesday night/Thursday morning). The price is flat and I managed to exit for a small profit. We have a Chinese PMI released Sunday night/Monday morning that could impact my trade and I don't wish to hold a position into the weekend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.