Key Points
- The Aussie Dollar made a nice upside move and traded above the 1.0540 resistance against the New Zealand Dollar.
- The AUDNZD pair is following a bullish pattern with support at 1.0555 on the hourly chart.
- Today in Australia, the Westpac Consumer Confidence for July 2017 was released by the Faculty of Economics and Commerce Melbourne Institute.
- The outcome was better than the forecast, as there was a rise of 0.4% compared with the last decline of 1.8%.
AUDNZD Technical Analysis
The Aussie Dollar remained in an uptrend and moved above the 1.0500 and 1.0540 resistance levels against the New Zealand Dollar. The AUDNZD pair recently traded as high as 1.0596 from where a correction was initiated.
The pair traded lower and recently tested the 50% Fib retracement level of the last wave from the 1.0529 low to 1.0596 high, and currently following a bullish pattern with support at 1.0555 on the hourly chart.
As long as the pair is above the 1.0550 support area, there are chances of AUDNZD retesting 1.0596 or even breaking it for a move above 1.0600.
Westpac Consumer Confidence
Today in Australia, the Westpac Consumer Confidence for July 2017 was released by the Faculty of Economics and Commerce Melbourne Institute. The market was positioned for a minor increase in the index compared with the previous month decline of 1.8%.
The actual result was better than the forecast, as there was a rise of 0.4% compared with the last decline of 1.8%. However, the index was still below the 100 mark. The report added that:
This is the eighth consecutive month where the Index has printed below 100 indicating that pessimists continue to outnumber optimists. The Index is not sending encouraging signals about the outlook for consumer spending.
Overall, the AUDNZD pair is trading with a positive bias, and may soon break 1.0590 for more gains in the near term.
