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AUD/NZD in a growing channel, analysis for May 14, 2021

Looking at the chart on the daily time frame, we see that we are moving in one big growing channel. And now we need to pay attention to the fact that the pair is now very close to the bottom line of the channel as potential support and very important support in the moving averages MA200 and EMA200. If we look at the slightly broader picture, we see that the previous pullback was completed at 61.8%, also on the bottom line of the channel, and that now as an important Fibonacci level for us is 38.2% as the next technical support to the AUD/NZD currency pair. Looking at the MACD indicator, we see the lateral movement buried with this consolidation. For now, we do not have a pure bearish or bullish signal, but bearish is currently more dominant.
We can single out the following economic news and political statements for the AUD/NZD currency pair: The manufacturing sector in New Zealand continued to expand in April, albeit at a slower pace; a recent BusinessNZ survey on Friday showed a production impact rating of 58.4. That’s down from 63.6 in March, though it remains above the line of cracking or falling, which separates spreading from shrinking. Individually, production (64.5), employment (52.7), new orders (60.9), finished goods (55.2), and deliveries (52.4) were in the expansion territory. Companies’ comments for the April PMI noted an improvement in international conditions, in addition to the fact that many global PMIs clearly indicate that economic activity is currently expanding strongly in significant parts of the world, which contributes to the strengthening of the New Zealand dollar. US Sec. Blinken made the following statement: I reiterated that the United States would not leave Australia alone on the ground, or perhaps I should say alone on the ground, despite China’s economic coercion. The U.S. Secretary of State Anthony Blinken said that during a news conference on Thursday, with the visit of the Australian Minister of Foreign Affairs Marisa Paine. Blinked also warned that such behavior of China towards American allies will hinder the improvement of American-Chinese relations.
AUDNZD 20210514

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