Aussie looks to beat the kiwi for the week: Market Forecasts for April 13th – April 17th

Weekly Technical Outlook: AUD/NZD

• Stop loss 1.0044
• Entry level 1.0146
• First Target at 1.0260
• Next targets to test at 1.0296, 1.0384

 

Technical Analysis

AUD/NZD traded higher after breaking the weekly support zone for the first time after the initial break. With a strong bullish movement going into the week, the pair should be able to retest the broken levels. The price action forms a five-bar fractals and the movement should bounce higher to potential resistance levels to the previously broken weekly support levels. The price should be able to make an upward bias as the current movement looks bullish for the pair.

Economic

• Electronic Card Retail Sales for the New Zealand
• REINZ House Price Index on Monday along with NZIER Business Confidence
• The Business NZ PMI on Wednesday
• National Australia Bank’s Business Conditions
• Westpac Consumer Confidence on Wednesday
• Employment Change on Thursday along with Unemployment Rate
• Currently the price action suggesting the bullish movement with the five bar fractals
• The pair closed above the fib levels of 23.6 on the daily chart
• Entry level around 1.0146 as we expect the pair to make some pull back before making any upward move.
• Shall look at the all important fib levels of 78.6 as it aligns with the weekly broken support levels.

 

Area of Interest

• Currently the price action suggesting the bullish movement with the five bar fractals
• The pair closed above the fib levels of 23.6 on the daily chart
• Entry level around 1.0146 as we expect the pair to make some pull back before making any upward move.
• Shall look at the all important fib levels of 78.6 as it aligns with the weekly broken support levels.

 

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