New Zealand Australian Traffic Forecast

Economic analysis :  

The Australian dollar rose against the New Zealand dollar during today's trading for the third day in a row on Thursday after Australian data showed a surprisingly strong rise in jobs in December, rising by 56.3 thousand jobs, expectations were to add only 14.5 thousand jobs, the unemployment rate rose to 4.0% with an increase in the number of people looking for work, and the markets are still pointing to a 70% probability that the Reserve Bank of Australia will cut the cash rate of 4.35% by 25 basis points in February.

On the other side of New Zealand, the gains of the New Zealand dollar remained limited against the major currencies due to the dovish expectations from the Reserve Bank of New Zealand, as investors are still betting that the Reserve Bank of New Zealand will cut the cash rate of 4.25% by 50 basis points next February.

And at the technical level :

The Australian-New Zealand pair is trading inside an ascending price channel on the daily frame, rebounding almost from its lower limit, which represent daily uptrend levels, as the pair is trying to form more than one harmonic pattern, targeting 1.1170 as an initial target and then 1.1330 when the Harmonic is completed.

This scenario fails if the 1.0990 levels are broken down by a day candle.