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Promising Short Setups On AUDNZD

11/11/2021

AUDNZD gains today after taking a rather large tumble the past couple days after a miss in unemployment rate and jobs added. Price is currently up 0.20% on the day.

Our outlook

It looks like the pair is trying to set up for another dip after considering the optimistic outlook on New Zealand's currency and their expected rate hikes in 2022. I think most traders are looking for a way to get in on the short action surrounding this pair with the combination of weakness on the buck and the strength of the kiwi.

Trade Setups

AUDNZD

Price could test the 1.04000s before a potential dip to lower lows. That resistance level is also paired with the 50 DMA and a falling trend line just above that. Any one of these levels could serve as good short setups on the 1D chart as investors are pricing in the rate hikes on the kiwi.

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