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.

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.

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