AUD/NZD on the bottom end near 1.0670 ahead of RBNZ
- The AUD/NZD is on the low end heading into Wednesday's Asia market session.
- The RBNZ is inbound with their latest rate call.
- The RBA continues to hold steady on rates.
The AUD/NZD is down into 1.0670 after the Reserve Bank of Australia (RBA) held rates steady for the fourth consecutive meeting; the RBA has been pushed into a holding pattern on interest rates as the Australian economy wobbles on unsteady growth figures and exposure to a possible downturn in broader Asian markets.
The Reserve Bank of New Zealand is due on Wednesday and is also expected to maintain steady policy rates, but the RBNZ has achieved a notably more hawkish tone than their RBA counterparts as of late. The New Zealand Cash Rate is seen standing pat at 5.5%.
Read More:
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Forex Today: Yen wakes up as the Dollar remains robust, RBNZ next
Thursday will also see Australian Trade Balance figures, and Antipodean investors will be hoping for an upside break for the Aussie. Aussie Trade Balance is forecast to move higher from 8,039M to 8,725M.
AUD/NZD technical outlook
The Aussie is down over 2.25% against the Kiwi from the last swing high into 1.0919, and the AUD/NZD finds itself trading into the low side of 2023's chart action.
The pair has once again slipped away from the 200-day Simple Moving Average (SMA) near 1.0825, and the Aussie-Kiwi pair has lost 3.5% from 2023's peak of 1.0617.
AUD/NZD daily chart
AUD/NZD technical levels
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
