Reverse and Breakout Analysis of AUDNZD

AUDNZD Technical Analysis

AUDNZD starts to bounce back from the higher low of Uptrend line in the daily time frame chart.

In the 4-hour time frame chart, AUDNZD has broken the top level of the descending channel and starts to move up.

Australia extends covid19 lock down

Victoria most populous state has affected more Corona Cases. Due to this lockdown measures extended until November 23,2020. This would hamper domestic economic recovery and AUD dollar may go for the decline.

Recent Westpac consumer data jumped from 79.5 to 93.8 in September and the current account is expanded to $17.7billion exceeding $13 billion surpluses in the second quarter. This shows additional monetary stimulus may not necessary.

Second GDP figures showing the local economy suffers more than RBA (Reserve Bank of Australia) Expectations. With this GDP data in mind, RBA policymakers could add further stimulus to the economy on October 6 policy meeting, this will help Australia Dollar (AUD) to climb higher.

Comparing to the New Zealand Economy, Australian Economy is stronger at this Covid-19 time.

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