- Aussie Dollar after trading lower towards 1.0540 against the New Zealand Dollar recovered well.
- There is an expanding triangle pattern formed on the 4-hours chart, which may be tested moving ahead.
- The 200 simple moving average is positioned above the triangle upper trend line, which we need to keep a close eye on.
- Today, the ANZ Commodity Price released by the ANZ National Bank posted a decline of 1.8% in December 2015.
The AUDNZD pair recently closed above the 100 and 50 simple moving average on the 4-hours chart, and forming a bullish candle pattern. It means there is a chance of more gains in the near term and the AUDNZD may climb higher.
There is an expanding triangle pattern formed on the 4-hours chart. The triangle resistance area may be tested in the short term if buyers stay in control.
On the downside, the 100 and 50 simple moving average (H4) may act as a support area and holds a downside move.
ANZ Commodity Price
Today, in New Zealand, the ANZ Commodity Price, which is as an early indicator of export price changes was released by the ANZ National Bank. The prices fell by 1.8% in December 2015, as reported by the ANZ National Bank. It was lower compared with the last decrease of 5.6%.
The report stated that “By major sector, December falls were evident for dairy, meat and horticulture prices. This was offset to some degree by higher forestry and aluminum prices. Seafood prices were unchanged“.
In short, there was hardly anything in the report for the Kiwi Dollar buyers. As a result, there is a chance of more gains in the AUDNZD pair, but we need to keep an eye on the triangle resistance area positioned with the 200 SMA (H4).