AUDNZD Forecast for High Low broker
New Zealand Institute of Economic Research (NZIER) Business Confidence
On Monday, the New Zealand Institute of Economic Research (NZIER) will release its business confidence index. It measures the level of a diffusion index by surveying 2,500 manufacturers, builders, wholesalers, retailers, and various service providers in the country.
The NZIER business confidence index is considered by binary options traders to be an important leading indicator of the economic health of New Zealand. It is because it has a large sample size. In addition, businesses are the first to react to changing market conditions. Hence, a drastic change in the sentiment of businesses can signal future economic growth and overall productivity in the country.
Last month, the NZIER business confidence index reading came out at -11 after coming out at -12 in the previous month. If the downtrend continues this month, it will likely have a bearish effect on the New Zealand Dollar.
Australia – ANZ Job Advertisements
On Monday, at GMT 1:30 a.m., Australia and New Zealand Banking Group (ANZ) released its monthly Job Advertisement figure. It measures the changes in the number of advertised jobs in key Australian cities through the major daily newspapers and web portals.
Job advertisements usually lead to hiring new employees. So, binary options investors consider this data from ANZ to be a leading indicator of the employment trend in the country. The ANZ Job Advertisement figure usually has greater impact on the Australian Dollar when it is released before the Australian government’s official employment data.
Last month, the ANZ Job Advertisement figure increased by 1.4%. This month it decreased by -1.7%, indicating that employers are looking to hire less workers in the coming months.
AUD/NZD Forecast
The AUD/NZD formed a bullish pin bar on April 12. Since then, it remained highly bullish and climbed up by around 470 pips. The AUD/NZD started a bearish retracement on May 25 and soon broke below the uptrend line. However, over the last two weeks, the pair resumed the uptrend, only to find a strong resistance near the 1.0930 level.
The Australian ANZ Job Advertisements figure just declined by -1.7% last month. On the other hand, the New Zealand Institute of Economic Research (NZIER) Business Confidence index declined by -11 and -12 in the last two months. If it declines again this month, we believe it would set a bullish fundamental outlook for the AUD/NZD this week. Therefore, if the AUD/NZD closes above the resistance near 1.0930, it would likely attract additional bullish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities above this major resistance level around 1.0930.
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