• AUD/NZD preserves its cautious momentum during the Asian session.
  • RBNZ left its key rates unchanged in Wednesday’s policy decision.
  • Australia drops the Johnson and Johnson coronavirus vaccine after a few serious blood clot issue reports.

AUD/NZD moves back and forth, down 0.12% intraday while taking rounds to 1.0820-10 during the initial Asian session on Wednesday. Even so, the quote seems to struggle for a clear direction after strong consumer sentiment data in Australia and the central bank’s key rates decision in New Zealand.

Starting with the Reserve Bank of New Zealand’s (RBNZ) interest rate decision, as widely expected, the central bank maintained the status quo and left the key rates unchanged at 0.25%. The Large-Scale Asset Purchase (LSAP) program of up to $100billion and the Funding for Lending Programme (FLP) operation were also kept unchanged. The cross remained unfazed by the decision.

Furthermore, Australian Westpac Consumer Confidence Index rose to 6.2% in April from 2.6% a month earlier. On the data, the Australian Treasurer Frydenberg commented, “this is an extraordinary result” on improved business conditions and consumer confidence. However, it seems aussie has already discounted all the good news, and not responding to the recent headlines.

Australia’s decision to uplift some restrictions in Queensland from Thursday amid the rejection of the J&J covid vaccine also raises doubt over the performance of aussie. By keeping an upper hand in managing the pandemic, New Zealand already deploys very strict measures against the diseases.

Against this backdrop, S&P 500 Futures trade almost flat whereas the US 10-year Treasury yield catches a breather after the previous day’s recovery moves to 1.69%.

Looking forward, a light economic calendar should highlight the US Fed Chair Jerome Powell’s speech later to gauge the market sentiment.

AUD/NZD levels to watch

AUD/NZD

Overview
Today last price 1.0812
Today Daily Change -0.0017
Today Daily Change % -0.16
Today daily open 1.0835
 
Trends
Daily SMA20 1.0854
Daily SMA50 1.0779
Daily SMA100 1.0719
Daily SMA200 1.0743
 
Levels
Previous Daily High 1.0857
Previous Daily Low 1.081
Previous Weekly High 1.0878
Previous Weekly Low 1.0791
Previous Monthly High 1.0948
Previous Monthly Low 1.0639
Daily Fibonacci 38.2% 1.0828
Daily Fibonacci 61.8% 1.0839
Daily Pivot Point S1 1.0811
Daily Pivot Point S2 1.0788
Daily Pivot Point S3 1.0765
Daily Pivot Point R1 1.0858
Daily Pivot Point R2 1.0881
Daily Pivot Point R3 1.0905

 

 

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