GDP Rockets AUD/NZD Higher | Vantage FX

GDP Rockets AUD/NZD Higher

March 2, 2017

Yesterday, I published an AUD/NZD trade idea to look for shorts heading into the Australian GDP number.

AUD/NZD Daily:
160301_audnzd_daily
Click on chart to see a larger view.

The daily chart shows an obvious higher time frame resistance level and as mentioned above, price action up into this zone looks very choppy. You can see the way that price has spiked in and out of the 25 pip zone that I’ve drawn.

With AUD/NZD sitting at higher time frame resistance and the general downward trend we’ve seen in the last few GDP numbers, I was obviously playing for a miss on expectations and a drop in price on the back of that.

But…

Australian GDP March 2017

The print came in WELL above expectation and the Aussie ripped higher on the back of it.

Interestingly, price is still being capped by the top of the daily resistance zone higlighted in yesterday’s original trade idea.

AUD/NZD Daily:
160302_audnzd_daily
Click on chart to see a larger view.

This level will continue to be the key as to which way we look to trade the pair.

If price stays under it, then we will look for shorts (or stay in shorts if your stop was still above this higher time frame level).

If price moves above it, then we will look for longs on any short term pullbacks.

Why not open a live account and trade your major levels with Vantage FX today.

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by best forex broker, Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, forex news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and FX broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

Social

SymbolBidAskSpread

Spread

Experience Transparent and Secure Forex Trading with Vantage FX



  • Please enter a valid data!

  • Please enter a valid data!

  • Please enter a valid data!

  • Please enter a valid data!

  • Please enter a valid data!