AUD/NZD Price Analysis: September 21

AUD/NZD Price Analysis: September 21

The AUD/NZD traded on a depressing sentiment through the first four sessions last week, before finding some reprieve on Friday, after breaking below the key 1.0800 psychological line. At press time, the pair appears to have regained its footing above the psychological level at 1.0822.

On Friday, the Finance Minister of New Zealand, Grant Robertson, stated that the Reserve Bank of New Zealand (RBNZ) isn’t inclined to adjust its policy rate until March. The Minister also mentioned that a stronger-than-expected economic recovery would help the RBNZ stay put for the near-term.

The hawkish stance by the RBNZ has bolstered the strength of the NZD against other major rival currencies. The NZD/USD has climbed to its highest point since April of 2019 on Friday at 0.6798.

Meanwhile, reports from Australia last week showed that the Unemployment rate in August fell to 6.8% from 7.5% in July, indicating a goodish recovery in the economy. However, this positive data has failed to have a lasting effect on the AUD.

AUD/NZD – 4-Hour Chart

AUD/NZD Value Forecast — September 21

AUD/NZD Major Bias: Bullish

Supply Levels: 1.0844, 1.0900, and 1.0934

Demand Levels: 1.0800, 1.0768, and 1.0725

The AUD/NZD has bounced off our ascending channel and is now approaching the 1.0844 resistance level. We expect the base of our channel to support any fall from this level strongly, making further upside correction very likely in the near-term.

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Author : Azeez Mustapha

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