New Zealand Offshore Holdings for August were reported at 47.70%. Forex traders can compare this to New Zealand Offshore Holdings for July, reported at 46.6%.
Australian Consumer Inflation Expectations for September increased 4.4% annualized. Forex traders can compare this to Australian Consumer Inflation Expectations for August, which increased 3.3% annualized. Australian HIA New Home Sales for August increased 5.8% monthly. Forex traders can compare this to Australian HIA New Home Sales for July, which decreased 20.5% monthly.
The Australian Employment Change for August was reported at -146.3K. Economists predicted a figure of -90.0K. Forex traders can compare this to the Australian Employment Change for July, reported at 3.1K. The Unemployment Rate for August was reported at 4.5%. Economists predicted a reading of 4.9%. Forex traders can compare this to the Unemployment Rate for July, reported at 4.6%. 68.0K Full-Time Positions and 78.2K Part-Time Positions were lost in August. Forex traders can compare this to the loss of 5.0K Full-Time Positions and the creation of 8.1K Part-Time Positions, reported in July. The Labor Force Participation Rate for August was reported at 65.2%. Economists predicted a reading of 65.7%. Forex traders can compare this to the Labor Force Participation Rate for July, reported at 66.0%.
The forecast for the AUD/NZD is turning bullish after this currency pair reached its next horizontal support area, but volatility may persist. Economic data is soft, and the Tenkan-sen and the Kijun-sen continue to descend, confirming selling pressure dominates. The Ichimoku Kinko Hyo Cloud mirrors the downtrend, setting up a battle between bulls and bears at support. Adding to a bullish outlook is the CCI, which moves higher in extreme oversold territory. A positive divergence formed, pointing to a potential trend reversal, and the breakout above -100 may trigger buy orders.
Should price action for the AUD/NZD remain inside the or breakout above the 1.0280 to 1.0325 zone, recommend the following trade set-up:
Should price action for the AUD/NZD breakdown below 1.0280, recommend the following trade set-up: