From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H4/H1.
As a result of AUDNZD declines since April 2011, pair reached vicinity of 1.0040, where in April 2015, there was a demand response. Since then, we have seen movement in a horizontal trend (consolidation) whose upper limit coincides with a 38.2% Fibonacci adjustment.
Definitely better this 3.5 year consolidation can be seen on weekly chart.
Looking at daily chart, we will notice that for a long time level 1.0755 strongly resisted , but since it has been permanently defeated it has lost significance for the market.
Looking on H4 chart, we notice that market has not closed yet last week’s bullish gap and strong demand response has emerged in the area of local support. It was obviously associated with nightly publication of gross domestic product and the employment market.
As I have written earlier positive results of employment (+37.4 thousand new jobs vs. 5000 forecasts) and a drop in the unemployment rate by 0.2 percentage point to 5.7% triggered a stronger appreciation of Australian dollar at night. Growth could be stronger if not the fact that change in number of full-time jobs was rather unfavourable (-11.6 thousand vs. +74.5 thousand from the previous month).
If, therefore, the two-hour declines proves only a short-term correction, in short time we could expect a re-test of area around 1.0805.
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