AUD/NZD Forecast & Technical Analysis for Australian binary options
New Zealand – ANZ Business Confidence
On Thursday, at GMT 1:00 a.m., the Australia and the New Zealand (ANZ) bank will release its business outlook report. It measures the business confidence in New Zealand in terms of the level of a diffusion index by surveying around 1,500 businesses in the country.
The survey includes various manufacturers, builders, retailers, agricultural firms, and service providers. Hence, HighLow investors consider this index to be a leading indicator of the economic health of the country.
Last month, the ANZ business confidence index came out at -33.0. If the negative reading continues this month, it will likely have a bearish effect on the New Zealand Dollar.
Australia – Private Sector Credit
On Tuesday, at GMT 1:30 a.m., the Reserve Bank of Australia released the month-over-month Private Sector Credit data. It measures the changes in the total value of new credit issued to consumers and corporations in the country over the previous month.
Binary options traders consider the private sector credit to be an important fundamental indicator of the Australian economy. Because borrowing and spending are highly correlated. Consumers and businesses only take out credit when they feel confident about their ability to pay it back in the future. Hence, it also acts as a measure of consumer and business confidence.
Last month, the private sector credit in Australia remained unchanged at 0.0%. The forecast for this month is currently set at an increase of 0.1%.
AUD/NZD Forecast
The AUD/NZD remained in a downtrend in June. However, last week, it found a strong support near the 1.0620 level and formed a Bullish Outside Bar (BUOB). Since then, it mostly traded within a narrow range between 1.0620 and 1.0730. Currently, it is trading just above the support near the 1.0730 level.
The ANZ Business Confidence in New Zealand remained negative over the last month. It will likely improve but may not come out of the negative territory. On the other hand, analysts are expecting the Australian Private Sector Credit to grow by 0.1%. We believe it would set a bullish fundamental outlook for the AUD/NZD this week. Therefore, if the AUD/NZD remains above the support near 1.0730, it would likely attract additional bullish momentum in the market.
Hence, Australian HighLow.net traders should look out for trading opportunities above this major support level around 1.0730.
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