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AUDNZD

Daily Market Analysis - THURSDAY JULY 06, 2023Key News: USA - ADP Nonfarm Employment Change (Jun) USA - Initial Jobless Claims USA - Services PMI (Jun) USA - ISM Non-Manufacturing PMI (Jun) USA - JOLTs Job Openings (May) USA - Crude Oil Inventories During Wednesday's trading session, the Dow Jones Industrial Average concluded the day with a decline, driven by the release of the Federal Reserve's meeting minutes for June. The minutes indicated a growing interest among policymakers in resuming interest rate hikes. However, in the tech sector, major players showcased mostly positive performance. Notably, Meta (formerly known as Facebook) soared to a 52-week high as anticipation mounted for its upcoming Twitter competitor. Specifically, the Dow Jones Industrial Average recorded a decrease of 0.38%, translating to a decline of 129 points. Similarly, both the Nasdaq and the S&P 500 experienced a modest 0.2% decrease during the trading session. Dow Jones Industrial Average Index daily chart The release of the Federal Reserve's meeting minutes from June, which occurred on Wednesday, shed light on the members' sentiment regarding future rate hikes. The minutes revealed that a significant majority of the members, described as "almost all," expressed support for the notion of resuming rate hikes. This position was motivated by concerns about persistently high inflation levels, which were deemed "unacceptably high." Furthermore, the minutes indicated a hawkish stance among some members, with a preference for raising rates rather than pausing during the June meeting. These members highlighted their worries about a tight labor market, recognizing that such conditions could potentially drive up wages and inflation even further. However, while the discussion expressed a general inclination towards resuming rate hikes, the decision to implement such actions in July will largely depend on upcoming data. Pantheon Macroeconomics suggests that the forthcoming data expected to be released this week and next will play a crucial role in shaping the Fed's decision-making process. It is worth noting that approximately 90% of traders, as indicated by the Fed Rate Monitor Tool, anticipate that the Federal Reserve will indeed resume rate hikes in July. Effective Fed Funds Rate Investor concerns regarding a potential global economic slowdown were heightened due to underwhelming services data from China. However, the impact of these concerns on the broader market was somewhat mitigated by the strong performance of prominent technology companies. Notably, Meta (previously known as Facebook) experienced a significant surge of over 3%, reaching 52-week highs. This impressive performance came ahead of the launch of Meta's rival Twitter app, Threads, scheduled for Thursday. It is noteworthy that Twitter had recently announced its decision to temporarily restrict the number of posts users can read on its platform. Meta Platforms stocks daily chart Despite Apple's 0.6% decline, the company's market capitalization remains above $3 trillion, demonstrating its significant value in the market. In contrast, Microsoft experienced a slight increase in its stock price. Wedbush, a prominent research firm, predicts that Microsoft will also join the exclusive $3 trillion club alongside Apple by early 2024. This projection is based on the belief that advancements in artificial intelligence (AI) will be a major driver of Microsoft's growth and valuation. Wedbush noted in a statement on Wednesday that, considering the potential of AI and through a sum-of-the-parts valuation, Microsoft's overall value should propel it to the esteemed $3 trillion club within the next few years. Microsoft stock daily chart During the US Independence Day holiday, major currencies displayed a noticeable trend of trading within narrow ranges in relation to the US dollar. Among the G10 currencies, the New Zealand dollar (NZD) emerged as the top performer. This could be attributed to the unwinding of long positions in the Australian dollar/New Zealand dollar (AUD/NZD) pair, which likely contributed to the NZD's relative strength in the market. AUD/NZD daily chart Throughout this week, European markets have faced consistent declines, with yesterday's losses being notably significant. The downward trend in the markets is expected to persist today. The market weakness witnessed yesterday was primarily fueled by concerns surrounding disappointing services Purchasing Managers' Index (PMI) data from both China and Europe. These underwhelming data releases have heightened worries about a potential global economic slowdown. Furthermore, the increasing risks related to interest rates have contributed to weakness in sectors such as basic resources, energy, and financials, amplifying the overall market downturn. These negative sentiments have had a spill-over effect on Asian markets as well, reflecting the widespread concerns about the global economic landscape. Employed Usually Works Full time Chart US Employed Persons status Today's highly anticipated release of the ADP payrolls report is expected to show a robust figure of 225,000, slightly lower than the previous month's 278,000. Despite this slight decrease, it is important to note that the current level of job vacancies suggests that we are unlikely to see a weak jobs report in the upcoming months. Consequently, it is less probable that the labor market will serve as the catalyst for the Federal Reserve to signal a pause in its policies in the near future. US Purchasing Managers Index (ISM) The Federal Reserve has expressed concerns regarding the persistence of services inflation, highlighting its potential impact on the economy. Today's ISM services report is anticipated to reveal a modest uptick in headline activity, reaching around 51.3. However, special attention will be given to the prices paid component, which experienced a decline to 56.2 in May, marking a three-year low. This data will provide insights into the pricing pressures faced by service providers. As for Independence Day, please note that trading hours may be affected due to the holiday in the United States. The Unemployment Rate is a key economic indicator that measures the percentage of the labor force that is unemployed and actively seeking employment. It provides insights into the health of the labor market and is closely monitored by economists, policymakers, and market participants.
by FOREXN1
15
AN should be continuing downLast week, I mentioned about looking to short on AN if there's opportunity...a pullback pull can be seen since tues. Bearish flag on h4, looking to start shorting again for AN. **Find out more from my Tradingview Stream this week** *************************************************************************************** Hello there! If you like my analysis and it helped you ,do give me a thumbs ups on tradingview! 🙏 And if you would like to show further support for me, you can gift me some coins on tradingview! 😁 Thank you! Disclaimers: The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes. The author/producer of these content shall not and will not be responsible for any form of financial/physical/assets losses incurred from trades executed from the derived conclusion of the individual from these content shared. Thank you, and please do your due diligence before any putting on any trades!
Short
by Shadowing_The_Big_Boys
4
AUDNZD Long AUDNZD Long on an SBO -Daily made new HH's followed by a HL breaking out of the descending trend line -Broke the Daily 50ema and now testing it as support (also testing the Weekly and Monthly 50ema) -Testing out .50 Fib levels - MACD looks to be heading to the upside - On the higher time frames you can see the weekly and monthly we broke out of a much larger descending wedge pattern overall making new high's and a new Lower Low which is an indication of a trend munch and possibly a much larger scale trend change overall - ENTRY: wanted some deceleration on the daily candle and we did get that with an inside day bar, waited for a break of the 1h5 50ema which we got, stop loss is put at the daily low's - Target: will start with the daily high's and take around 50% profit if hit, will hold the rest for a longer term trade possibly to the 0.618-1.00 trend-based Fib, - I will also look to add more on this trade if we get an IBO or CBO
Long
by moreno34
AUDNZD Buy Opportunity-Price has been in an overall bullish trend -Price then met resistance at a weekly resistance/supply level. -Price met resistance and formed a double top candlestick reversal pattern, hinting that price was ready to make a reversal. -I am looking to go long once price either close as a reversal candlestick and/or form a candlestick reversal pattern on a lower time frame. - I am anticipating price to make another attempt a bearish push, before continue in the initial bullish trend.
Long
by NoCeilingsTrading
1
AN fast up come with fast down,short until it turns **Find out more from my Tradingview Stream this week** *************************************************************************************** Hello there! If you like my analysis and it helped you ,do give me a thumbs ups on tradingview! 🙏 And if you would like to show further support for me, you can gift me some coins on tradingview! 😁 Thank you! Disclaimers: The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes. The author/producer of these content shall not and will not be responsible for any form of financial/physical/assets losses incurred from trades executed from the derived conclusion of the individual from these content shared. Thank you, and please do your due diligence before any putting on any trades!
Short
by Shadowing_The_Big_Boys
AUDNZD Sitting At Support Area On D1Currently, AUDNZD is trading at its support area of 1.0920. Based on my limited knowledge, if the daily candle closes below this level, you can consider taking a sell trade on its retest. The next support level for AUDNZD is around 1.0775, which it should aim for. On the other hand, if the daily candle closes above 1.0920, you can consider taking a buy trade, aiming for the resistance level at 1.1050 for AUDNZD. Disclaimer: The information provided is for general informational purposes only and should not be considered as professional advice. Use at your own risk.
by ShaaniReal
NZDUSD-06/22/2023Preferred direction: BUY Comment: The New Zealand dollar has been moving quite confidently towards the local resistance at the level of 0.62359, and it is expected that it will not stay at this level for a long time. Upside potential locates higher at the level of 0.62907. There, with a high degree of probability, the instrument will turn around for a correction. In general, it is relevant now to consider the medium-term Buy-priority. Thank you for like and share your views!
Long
by Strifor
1
AUDNZD Is Going Up! Buy! Here is our detailed technical review for AUDNZD. Time Frame: 4h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The price is testing a key support 1.093. Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 1.098 level. P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought. Like and subscribe and comment my ideas if you enjoy them!
Long
by SignalProvider
4
AUDNZD Is Finishing A Corrective RallyAUDNZD pair made an impulsive sell-off at the end of 2022 on a daily chart, which we see it as a wave (A). Since then, we can see it trading in a larger A-B-C corrective rally within wave (B) that can be now approaching important February highs resistance, from where we should be aware of another sell-off for a higher degree wave (C). Basic Elliott wave pattern with an impulsive five-wave 1-2-3-4-5 decline, followed by a three-wave A-B-C correction indicates for more weakness.
Short
by ew-forecast