Measures:Level of a composite index based on surveyed consumers; Usual Effect:Actual > Forecast = Good for currency; Previous: 93% Forecast: 94%
Measures:Level of a composite index based on surveyed consumers; Usual Effect:Actual > Forecast = Good for currency; Previous: 93% Forecast: 94%
A bearish setup is forming on the USDCAD. Let it prove it wants to go down with price action and confirming indicators.
There is a bull setup currently forming on the AUDNZD. If it breaks with confirming indicators then it's a nice trade.
A sell setup is developing on the NZDCAD but we need a nice break with confirming indicators to get involved.
Entered on a long trade with the fundamental bias on RBA being hawkish and BOC being dovish. Oil price has been pressured to the downside too, weakening the CAD.
Dollar Index is no doubt respecting this bullish channel obediently. We are now expecting a retracement back to the 97.55 and potentially 96.55 area for another buy setup.
Watch for a break with confirming indicators
With the near term sentiment on Aussie being bullish, and a decent rejection formed off the 1.0680 area, we are seeing a good opportunity to long the AUD and short the NZD; bearing in mind that another rate cut is still very much on the table for the RBNZ.
This morning quarterly CPI came in beating the estimates. We might continue to see some bullish momentum on the Aussie for the day.
We have a nice long setup developing on GBPAUD
Yesterday employment data from Australia were pretty negative. We will be looking for short opportunity up at 0.7690