Trading Forex and CFDs is risky

Away from Brexit AUDNZD looks interesting

Market Analysis
2016-06-15_14-02-42

AUDNZD, Daily        

Away from the Brexit woes and the impending FOMC announcement and press conference later today my attention has turned to the some of the other crosses. The antipodean pair has been in a strong down trend on the Daily time frame since the end of April.

Today sees the GDT (Global Diary Trade) data released and it is a key for the New Zealand economy, tomorrow (Thursday) sees the announcement of GDP also from New Zealand. The NZD is having another strong day today too. Also tomorrow there is Inflation and Employment and Unemployment numbers from Australia.

Technically, the Daily down trend remains is intact, a potential SELL area appears where the channel, 20 DMA and 23.6 FIB retrace levels coincide between 1.0580 – 1.0620. This would generate Target 1 – 1.0486, Target 2 1.0340 and Target 3 1.0173.  A break above 1.0750 would be of interest for BUY positions.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in: 

Stuart Cowell

Market Analyst 

HotForex

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.