AUD/NZD eyes 1.0750 ahead of Aussie retail sales data, risk-on sentiment

AUD/NZD is consolidating near 1.0770 in the Asian session.
Risk-appetite improves on global growth optimism.
Australian Retail sales eyed.

Rekha Chauhan Independent Analyst

The prospect of a global economic recovery backed by the speedy vaccination program and reopening of the economy, albeit gradually across regions, improved the risk sentiment. The shift in sentiment favors the riskier asset at the expectation of higher return. This, in turn, lifts the demand for Kiwi.

At the time of writing, AUD/NZD is trading at 1.0784, down 0.02% on the day.

The selling interest around the aussie keeps AUD/NZD in the negative territory in the Asian session. The cross starts the session on a muted tone and fails to hold on to daily highs at 1.0786.

A bad show by the US NFP data on Friday, which came much lower than the market expectation of 1000k jobs, cemented the outlook of the continuation of the ultra-accommodative Federal Reserve. This is keeping investors glued to riskier assets in the anticipation of better investing opportunities.

Meanwhile, in a pre-budget speech, the New Zealand Finance Minister showed his faith in an economic recovery saying it's better than expected.

As for domestic data, the ANZ Business Outlook index rose to 9 points to 7 in May. Additionally, the Unemployment Rate decreased to 4.7% in Q1, beating market expectations of 4.9%.

Investors await the release of Australian Retails sales data and NAB’s Business Confidence data for April to gauge market sentiment. Furthermore. There is no important data in the New Zealand economic docket to be followed on Monday.

AUD/NZD Additional Levels

AUD/NZD

Overview
Today last price	1.078
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.0778

Trends
Daily SMA20	1.0779
Daily SMA50	1.08
Daily SMA100	1.0756
Daily SMA200	1.0751

Levels
Previous Daily High	1.0793
Previous Daily Low	1.074
Previous Weekly High	1.0824
Previous Weekly Low	1.0716
Previous Monthly High	1.0927
Previous Monthly Low	1.0698
Daily Fibonacci 38.2%	1.0772
Daily Fibonacci 61.8%	1.076
Daily Pivot Point S1	1.0748
Daily Pivot Point S2	1.0718
Daily Pivot Point S3	1.0695
Daily Pivot Point R1	1.08
Daily Pivot Point R2	1.0823
Daily Pivot Point R3	1.0853

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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