AUD on the rise after better GDP data!
This is not a traditional type of trade we would normally take, swing trade that is, but with the much better than expected data out of Australia in Q1 of 2021, ofcourse the trade is supported with technical indications which we're about to list below.
- 10 DAY EMA
Price has moved above the 10 day ema, and is supported by higher lows leading to a rejection level, thus completing a pattern that would indicate a bullish break
- PRICE ACTION
As mentioned above, we see higher lows right now, which when supported with excellent fundamental data only increases the proability of a higher move on AUD vs the NZD
As an overall we believe we should see gains on the AUD for the rest of the week, unless some negative data comes out the retail sales due tomorrow during the Asian session.
Good luck trading!
- 10 DAY EMA
Price has moved above the 10 day ema, and is supported by higher lows leading to a rejection level, thus completing a pattern that would indicate a bullish break
- PRICE ACTION
As mentioned above, we see higher lows right now, which when supported with excellent fundamental data only increases the proability of a higher move on AUD vs the NZD
As an overall we believe we should see gains on the AUD for the rest of the week, unless some negative data comes out the retail sales due tomorrow during the Asian session.
Good luck trading!