AUD/NZD Price Analysis — December 14

AUD/NZD Price Analysis — December 14

The AUD/NZD traded on a sideways momentum through the early trading hours on Monday, as it struggled to break the 1.0650 resistance. At press time, the forex pair is trading at 1.0649, up by 0.07% on the day.

Job advertisements in Australia rallied for the seventh consecutive time in November, as the country’s second-most populous state, Victoria, came out of lockdown. Australia and New Zealand Banking Group (ANZ) reported that total job advertisement grew by 14% in November in its most recent figures report.

That said, the group reported in its last week statement that job ads are likely to get back to their pre-COVID levels and even higher by the end of 2020

Meanwhile, a measure of Australian consumer sentiment rallied for the fourth consecutive month in December and has hit a 10-year high as the country eases its coronavirus lockdown restrictions and reopen several state borders. The Westpac-Melbourne Institute index consumer sentiment, which was released last Wednesday, rose to 4.1% in December from 2.5% in the preceding month.

In other news, last week was positive for the Kiwi, following the goodish reports from New Zealand’s manufacturing sector. The MAnufacturing Sales figures came in at +10%, while the BusinessNZ Manufacturing Index rose to 55.3 in November.

Moving on, the market focus will be on the Reserve Bank of Australia’s (RBA) December Meeting Minutes, scheduled to be released tomorrow. Furthermore, China will be releasing its Industrial Production and Retail Sales reports tomorrow as well, which would have a significant influence on the dynamics of the Aussie and Kiwi.

AUDNZD – Hourly Chart

AUD/NZD Value Forecast — December 14

AUD/NZD Major Bias: Sideways

Supply Levels: 1.0650, 1.0700, and 1.0725

Demand Levels: 1.0600, 1.0550, and 1.0500

The AUD/NZD has failed, on several attempts, to break above the 1.0650 resistance line as consolidation sets in for the pair. However, the currency pair is trading within an ascending channel, indicating that bulls are in full control.

A decline into the previous prevailing descending channel should find support at the 1.0600 round figure. However, a break below this line could put the current uptrend into contention by bears.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.