AUD/NZD edges lower to 1.0770 following RBA rate decision

AUD/NZD attracts some sellers to 1.0770 after the RBA rate decision on Tuesday.
The RBA held the Official Cash Rate (OCR) steady at 4.35% after its March meeting on Tuesday, as widely expected.
The less hawkish stance of the RBNZ weighs on the Kiwi.
New Zealand’s Westpac Consumer Survey Q1 will be due on Wednesday.

Lallalit Srijandorn FXStreet

The AUD/NZD cross holds below the 1.0800 mark during the Asian session on Tuesday. The cross edges lower following the Reserve Bank of Australia (RBA) interest rate decision. The Australian central bank decided to leave the interest rate unchanged on Tuesday. Traders will take more cues from the RBA press conference. AUD/NZD currently trades around 1.0770, losing 0.07% on the day.

On Tuesday, the RBA held the Official Cash Rate (OCR) steady at a 12-year high of 4.35% for the third meeting in a row after its March monetary policy meeting. The markets will focus on the fresh catalysts offered by the RBA on the timing and the scope of a policy pivot. The hawkish remarks from the central bank might lift the Australian Dollar (AUD) against the New Zealand Dollar (NZD).

On the Kiwi front, the Reserve Bank of New Zealand (RBNZ) decided to keep the policy rate steady at 5.50% for the fifth meeting in a row in February. However, the RBNZ tones down its hawkish stance and reduces the risk of further tightening. The central bank lowered its forecast cash rate peak to 5.6% from a previous projection of 5.7%. This, in turn, exerts some selling pressure on the New Zealand Dollar (NZD) and acts as a tailwind for the AUD/NZD cross.

New Zealand’s Westpac Consumer Survey for the first quarter (Q1) will be due on Wednesday, followed by the Current Account. On Thursday, traders will closely monitor the New Zealand Gross Domestic Product (GDP) for Q4 and the Australian Judo Bank PMI for March.

AUD/NZD

Overview
Today last price	1.0792
Today Daily Change	0.0013
Today Daily Change %	0.12
Today daily open	1.0779

Trends
Daily SMA20	1.0683
Daily SMA50	1.0706
Daily SMA100	1.0752
Daily SMA200	1.0789

Levels
Previous Daily High	1.0787
Previous Daily Low	1.0768
Previous Weekly High	1.0788
Previous Weekly Low	1.07
Previous Monthly High	1.0746
Previous Monthly Low	1.057
Daily Fibonacci 38.2%	1.0775
Daily Fibonacci 61.8%	1.078
Daily Pivot Point S1	1.077
Daily Pivot Point S2	1.076
Daily Pivot Point S3	1.0752
Daily Pivot Point R1	1.0788
Daily Pivot Point R2	1.0796
Daily Pivot Point R3	1.0806

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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