AUD/NZD forecast for November 5, 2020

The overall scenario has actually led to the dollar losing its worth. Thus other currencies in correlation with it have actually acquired in strength, mainly smaller sized currencies such as AUD, NZD, CAD.

Despite the decrease of the interest rate to 0.10% by the Reserve Bank of Australia, the Australian dollar handled to get strength. The Australian dollar was normally anticipated to compromise, however this was not due to worldwide advancements.

Financial news from Australia today was all above typical despite the country being lockdown due to the coronavirus. The variety of newly contaminated is single-digit and under control, so that the regions in Australia are gradually relieving their steps versus coronavirus.

We have a conference of the Reserve Bank of New Zealand next week, and it is not left out that they will also minimize rates of interest to match the Australian dollar. The Prime Minister of the brand-new federal government, Ardern, announces monetary steps to assist small employers, employees.

From the news for the New Zealand dollar, we will single out: Employment Change, The Unemployment Rate, The ANZ Commodity Price Index, all these reports were much better than projection, and tomorrow our expected Inflation Expectations, the previous figure was 1.4%. Here, too, we can expect a favorable result based on other reports this week.

The last couple of days the AUD/NZD set handles to remain above 1.06000 and go up, it has currently broken the level to 1.07000, and it is possible to increase to 1.08000. The chart made a descending channel with inescapable pullbacks that reach a Fibonacci level of 61.8%. At that level, the AUD/NZD decreased.

Corona cases are under control in New Zealand; just 2 cases of brand-new infections were taped yesterday

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The last couple of days the AUD/NZD set handles to stay above 1.06000 and move up, it has presently broken the level to 1.07000, and it is possible to go up to 1.08000. The chart made a coming down channel with inevitable pullbacks that climb to a Fibonacci level of 61.8%. At that level, the AUD/NZD decreased.

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Corona cases are under control in New Zealand; only 2 cases of new infections were taped yesterday

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