Price on the AUDNZD moved lower and broke an important level. Looking back to the daily chart below, we can see that the level that has been broke is been rejected several times in the past. The level that I’ve highlighted, now acted as the new daily resistance level. I would love to see what price will offer. If the price could retrace back and retest the old support/new resistance level, I will wait for an opportunity to go short.
Latest data shows that the New Zealand economy recovered and expand 0.9% in Q3/2015. Beating market expectations and it was on the highest level since the Q3/2014. This growth drives by service industries and manufacturing.
AUDNZD daily chart
AUDNZD 4-hour chart
Weaken oil price and Canadian dollar moves lower. It’s not surprising since oil exports are about 10% of Canada GDP. We can see that Canadian dollar been dragged down all over the markets, including in the GBPCAD. Price on this pairs moved higher and broke off two (2) key level that I’ve been highlighted on the daily chart below. What I’m looking for right now is hunting for an opportunity to go long at the level that I’ve been marked, in the daily or intraday time frame.
GBPCAD daily chart
Last week, I’ve been discussed this pair here. Just like I said before, lower oil price dragged down the Canadian dollar all over the markets. Price on the NZDCAD continued to move upward and has broken the resistance level in the daily chart. This level has been proven as the strong resistance level, as we can see in the past that price has been rejected several times. I will wait for the price to make a retrace move back to the old resistance/new support level and start hunting for the opportunity to go long.
NZDCAD daily chart – zoom out
NZDCAD daily chart – zoom in