Charts Created Using Intellicharts – Prepared by Michael Wright AUDNZD: The pair has halted its two day advance and now looks poised to retest 1.2800 in the upcoming days as technical indicators continue to point to further losses. The MACD has yet to reverse course, while upside risks remain capped by the 50-day moving average. Meanwhile, the parabolic stop and reverse signaled for losses on October 29th. Going forward, I do not rule out a test back towards 200-day moving average as the trend continues to the downside. For More Technical Analysis Visit the DailyFX Technical Page Written by Michael Wright, Currency Analyst To Receive Future Articles by Email, please contact me at mwright@fxcm.com Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Intraday Trading, Weekly Spotlight, and Forex Trading Weekly Forecast
Showing posts with label Report. Show all posts
Showing posts with label Report. Show all posts
Wednesday, 10 November 2010
Will A Disappointing Australian Employment Report Lead the AUDNZD To Test 1.28?
AUD Employment Change (00:30 GMT) Survey: 20.0K Prior: 49.5K Fundamental Outlook Employment in Australia is expected to rise 20.0K in October after advancing 49.5K the month prior. At the same time, the unemployment rate is forecasted to drop to 5.0 percent from 5.1 percent in September. Indeed, the labor force has added approximately 30.0K jobs since the beginning of the year, which is positive for growth. At the same time, the increase in help-wanted ads in the region provides signals that employment will unlikely lose momentum as employers add onto their payrolls to meet rising demand. The report is of great importance due to the fact that an advances in employment typically leads to increased household spending, which is indicative of inflationary pressures. The Reserve Bank of Australia recently raised its key overnight lending rate twenty five basis points to 4.75 percent as the central bank tackles rising inflationary threats. In turn, an employment report exceeding economists’ estimates of 20.0K may lead the Aussie to push higher against most of its counterparts, while a disappointing result will lead interest rates expectations to push lower, and at the same time validate my bearish bias for the AUDNZD. Technical Outlook AUDNZD Daily Chart Charts Created Using Intellicharts – Prepared by Michael Wright AUDNZD: The pair has halted its two day advance and now looks poised to retest 1.2800 in the upcoming days as technical indicators continue to point to further losses. The MACD has yet to reverse course, while upside risks remain capped by the 50-day moving average. Meanwhile, the parabolic stop and reverse signaled for losses on October 29th. Going forward, I do not rule out a test back towards 200-day moving average as the trend continues to the downside. For More Technical Analysis Visit the DailyFX Technical Page Written by Michael Wright, Currency Analyst To Receive Future Articles by Email, please contact me at mwright@fxcm.com Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Intraday Trading, Weekly Spotlight, and Forex Trading Weekly Forecast
Charts Created Using Intellicharts – Prepared by Michael Wright AUDNZD: The pair has halted its two day advance and now looks poised to retest 1.2800 in the upcoming days as technical indicators continue to point to further losses. The MACD has yet to reverse course, while upside risks remain capped by the 50-day moving average. Meanwhile, the parabolic stop and reverse signaled for losses on October 29th. Going forward, I do not rule out a test back towards 200-day moving average as the trend continues to the downside. For More Technical Analysis Visit the DailyFX Technical Page Written by Michael Wright, Currency Analyst To Receive Future Articles by Email, please contact me at mwright@fxcm.com Michael Wright is the author of FX Headlines, Fundamentals vs. Technical’s, Intraday Trading, Weekly Spotlight, and Forex Trading Weekly Forecast 
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