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Audnzdshort

AUD/NZD in profit trade idea updateAUD/NZD Fundamental, Technical, and Signal ( NZD fundamentals and events, click link ) *AUD events will be the drivers during trade. AUD Previous Important Economic Events: - Consumer Confidence and Confidence Change ( Both actuals below forecast and previous supporting consumers low enthusiasm to spend in the future. ) - Business Confidence ( Below forecast and previous supporting businesses expectations of higher earnings ) - Unemployment Rate ( Lower than forecast and previous. Employment increase due to higher cost of living outweighing income, credit and savings accounts ) AUD Upcoming Important Economic Events: - S&P Global Manufacturing and Services PMI Flash ( Manufacturing Forecast 56—.2 lower than previous — Services Forecast 52.3—.3 lower than previous. ) - Year over Year Inflation Rate ( Forecast 6.2%, 1.1% higher than previous. ) - Quarter over Quarter inflation rate ( 1.8%, .3% lower than previous. Short term inflation is cooling ) - Month over Month Retail Sales ( .9% previous ) - Quarter over Quarter PPI ( 1.6% previous ) Sentiment: Neutral - Consumers and businesses are losing faith in spending and growth ( both result from higher prices for goods and services. Depleting credit, checking, savings accounts and income resources causing consumers to apply for jobs to earn additional income increasing AUD employment numbers. The RBA addressing inflation with hawkish interest rate hikes, lowering short term QoQ Inflation rates. ....................................................................................................................................... Technical Analysis ( Click link for more signals )
Short
by charrison4300
AUD/NZD Short SignalChart Analysis Technical Analysis: - Price recently fell below a long term uptrend upper trend line and trading in a tight range near the lows of full range. - Price seems to be forming either a rising wedge *(bearish chart pattern) or a triangle wedge *(bear or bullish chart pattern). Supporting the indecision and why price trading in tight range BUT......slight rising wedge chart pattern, downward price movement and strong resistance level pushes more towards a weakening bullish starting to turn bearish. - Selling volume spikes above average has been around economic event announcements. - RSI giving a weak sell signal because price is above moving averages and vortex indicator is still bullish but with a narrow gap. Signals: (Recommendations and doesn't guarantee profits or losses) - Scalp Trade - Sell Limit: 1.11000 - 1.08000 - Take Profits: 1.10300 - 1.09700 - Reward/Risk Ratio: 2/3:1 - Day/Swing Trade: - Sell Limit: 1.10200 - 1.10100 *ENTRY AFTER PRICE FALLS BELOW AND RETEST MOVING AVERAGE AND WEDGE SUPPORT LEVEL (ASSUMING A BREAKOUT BELOW SUPPORT LEVELS) - Take Profits: 1.09700 - 1.0300 - Reward/Risk Ratio: 2/3:1
Short
by charrison4300