AUD/NZD Weekly forecast update

AUD/NZD Weekly forecast update

AUD/NZD OANDA:AUDNZD


According to our analysis posted on 16.8.2021, the price this month finally reached strong monthly support at 1.028 and bounced from that area.

Now the target is the first resistance area on a weekly timeframe at 1.0520 which is also a 50%fib retracement.

Coronavirus affect
As coronavirus increases volatility in currency markets including the EUR and GBP. Generally, safe-haven currencies like the USD, CHF, and JPY could move higher. However, commodity currencies such as the AUD, NZD, CAD and ZAR exchange rates could fall. This could mean that confidence may be returning for the global economic outlook.
However, a faltering recovery from the ongoing threat of coronavirus could continue to create sharp moves in currency crosses like the Australian dollar to New Zealand dollar exchange rate.

If we summarize long term AUD/NZD forecast
ANZ says it’s hard to be upbeat on the NZD and expects the AUD to NZD exchange rate to end 2021 at 1.0753
Westpac expects the AUD to NZD to fall to around 1.1364 by the end of next year
NAB predicts the AUD to NZD forecast exchange rates for the end of next year to be 1.0800

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