AUD/NZD: Bulls in control as attention switches back to central banks


  • AUD/NZD drifts higher on central bank divergence.
  • The market will be focussed on the Yuan and the Jackson Hole for the week ahead.

AUD/NZD is creeping higher, extending the Reserve Bank of Australia (RBA) vs Reserve Bank of New Zealand (NZD) trade ahead of tomorrow's RBA minutes. With respect to the RBA, a mixed data picture emerged last week with employment growth coming in solid while private-sector wage growth disappointed and the NAB Business Conditions Employment index fell. However, the RBA is not expected to cut at its next meeting while it waits to see the effect of 50bp already delivered - the Minutes may not be so much of an event and instead, markets will focus on trade, China and the Yuan for direction in the Aussie. 

Eyes on the Jackson Hole

For the week ahead, investor focus moves to the Fed policy symposium in Jackson Hole. "We see risks the Fed Chair could disappoint markets looking for a green light on an extended easing campaign. Rates may take the brunt of the hit, but we doubt the USD will be able to shrug off any repricing in policy expectations - even if these ultimately prove short-lived," analysts at TD Securities explained. 

"With the USD turning in a mixed performance overall, we think the growing policy divergences seen in certain crosses look likely to gain traction in the days ahead. Here, we look for upside potential in and AUDNZD."

AUD/NZD levels

AUD/NZD

Overview
Today last price 1.0568
Today Daily Change 0.0021
Today Daily Change % 0.20
Today daily open 1.0547
 
Trends
Daily SMA20 1.0441
Daily SMA50 1.0473
Daily SMA100 1.0528
Daily SMA200 1.0513
Levels
Previous Daily High 1.056
Previous Daily Low 1.0503
Previous Weekly High 1.056
Previous Weekly Low 1.0452
Previous Monthly High 1.0554
Previous Monthly Low 1.0383
Daily Fibonacci 38.2% 1.0539
Daily Fibonacci 61.8% 1.0525
Daily Pivot Point S1 1.0514
Daily Pivot Point S2 1.048
Daily Pivot Point S3 1.0457
Daily Pivot Point R1 1.057
Daily Pivot Point R2 1.0594
Daily Pivot Point R3 1.0627

 

 

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