Key Points
- The Aussie dollar made an upside move above 1.0900 to set an uptrend against the Kiwi Dollar.
- There is an ascending channel with support at 1.0920 formed on the hourly chart of AUDNZD.
- The New Zealand Business Confidence for March 2017 was released by the ANZ today.
- The result was lower than the forecast, as there was a decline from the last reading of 16.6 to 11.3 in March 2017.
AUDNZD Technical Analysis
The Aussie dollar formed an uptrend after a break above the 21 hourly simple moving average at 1.0910 against the New Zealand Dollar on the hourly chart. The AUDNZD pair has formed a nice ascending channel with support at 1.0920 formed on the same chart.
At the moment, the pair is finding offers near 1.0950, and might correct lower. On the downside, the 50% Fib retracement level of the last wave from the 1.0902 low to 1.0952 high might act as a support.
The most important support is near the highlighted ascending channel with support at 1.0920. So, buying can be considered as long as the pair is above 1.0920.
New Zealand Business Confidence
Today in New Zealand, the Business Confidence for March 2017 was released by the ANZ today. The market was expecting the Business Confidence to decline to 15 from 16.6 in March 2017.
The outcome was lower than the forecast, as there was a decline from the last reading of 16.6 to 11.3 in March 2017. On the other hand, the ANZ business outlook posted a rise of 38.8% in March 2017, more than the last 37.2%. The report stated that a “net 11% of businesses are optimistic about the year ahead. That’s down 6 points on February and takes sentiment back to average levels“.
Overall, the AUDNZD pair might dips a few pips from the current levels, but remains supported on the downside near 1.0930 and 1.0920.
