AUDNZD price action has been contained in the apex of a triangle from early June this year.
Price has oscillated between the triangle legs and is currently near the upper triangle leg having tested it and sold off.
We have the GDT results (16 Sept) later today which should be the major catalyst for this pair - a positive change in average price compared to previous will be NZD bullish, negative change will be NZD bearish.
So with this in mind, following the auction results - if we have a positive change in av. price short AUDNZD would be appropriate, conversely if we have a negative change in av. price a long AUDNZD would be appropriate
*GDT - Global Dairy Trade
Price has oscillated between the triangle legs and is currently near the upper triangle leg having tested it and sold off.
We have the GDT results (16 Sept) later today which should be the major catalyst for this pair - a positive change in average price compared to previous will be NZD bullish, negative change will be NZD bearish.
So with this in mind, following the auction results - if we have a positive change in av. price short AUDNZD would be appropriate, conversely if we have a negative change in av. price a long AUDNZD would be appropriate
*GDT - Global Dairy Trade