Potential buy opportunity for AUDNZD (extract from today’s Market Forecast)

Today we have an interesting buy opportunity for AUDNZD. The pair is trading around the key 1.1200 swing level. I also think the pair has overextended the down move. This means that we can witness some retracement for the pair in the coming days.

Looking at the 4 hour chart of AUDNZD, the pair is trading below a down-move trend line as shown below. There is also a resistance at around the 1.1210/20 level. If the pair manages to break this down-move trend line and resistance, closes above it and holds the trend line on the re-test, then we will jump into a buy trade, as highlighted in the chart shown below.

Initial target should be around the 1.1350 and final target could be around the last high as shown in the daily chart below. Stop should be placed below the broken trend line and resistance level.

Reviewing yesterday’s events and trades
Yesterday, it was a Thanksgiving Day. I hope all of you enjoyed the day. There was less volatility in the market, as there was no fundamental release for the US due to the holiday. Yesterday, in the European session, German unemployment data and Spanish GDP figures were released. Spanish GDP came around the expectations. However, the German unemployment figures disappointed the market, as the German unemployment grew 10,000 in November. There was no major movement in the Euro pairs after the release. EURUSD traded around the 1.3600 level after the release.

Fundamental Outlook for the day
Today, the US market will be closed early. This means that there can be fewer moves later in the day. Canadian GDP figures are scheduled to be released later in the day. The market is expecting good numbers for the Canada. If the outcome is positive, then the Canadian dollar may recover some of the lost ground. USDCAD is trading higher, and above the key 1.0550 level. Other than this, there is no major fundamental release during the day. So, I would advise everyone not to jump in an unnecessary trade, as we are close to the weekend.

This analysis is taken from today’s Daily Market Forecast, which also includes trade opportunities on: EURAUD, GBPAUD, USDJPY, USDCAD, GBPUSD, NZDUSD, EURGBP and NASDAQ.
Get it HERE: Vladimir’s Markets Forecast

Happy Weekend friends. Happy trading!

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