AUD/NZD Price Analysis — December 7

AUD/NZD Price Analysis — December 7

The AUD/NZD traded on a slightly bearish tone in the early European session on Monday, as it retreated from last week’s bull run.

Earlier today, China published its Trade Balance for November, which beat market expectations of $53.5 billion and came in at $75.4 billion. Also, the country reported that its Exports rose by 21% this year.

Despite the upbeat data from China, the Aussie and the Kiwi remained unmoved against other currencies, as investors avoid taking any aggressive bets on Monday.

Meanwhile, both currencies rallied last week as the global market risk mood got a lift, following positive developments surrounding potential COVID-19 vaccines.

In other news, the Reserve Bank of Australia (RBA) kept its rates unchanged last week as expected. The apex bank left its cash rate at a record low of 0.1% and also maintained its A$100 billion quantitative easing program.

Traders will be looking forward to the National Australia Bank’s Business Conference and Q3 House Price Index number from tomorrow for clues to what this pair might do next.

AUDNZD – 4-Hour Chart

AUD/NZD Value Forecast — December 7

AUD/NZD Major Bias: Sideways

Supply Levels: 1.0600, 1.0650, and 1.0700

Demand Levels: 1.0520, 1.0480, and 1.0400

The AUD/NZD has recorded a slight pullback from last week’s rejection from the base of our descending channel near 1.0400.

At press time, the pair has seen a minor pullback to the 1.0520 price point, where we could likely see a bounce to the top of our descending channel 1.0650. However, a break below the 1.0520 support zone could trigger a fresh selling spree around the AUD/NZD.

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
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 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 a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.