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.

Joshua Gibson FXStreet

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%.

RBA keeps interest rate steady at 4.10% for fourth straight meeting

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

AUD/NZD

Overview
Today last price	1.0668
Today Daily Change	-0.0034
Today Daily Change %	-0.32
Today daily open	1.0702

Trends
Daily SMA20	1.0826
Daily SMA50	1.0827
Daily SMA100	1.0834
Daily SMA200	1.0825

Levels
Previous Daily High	1.0744
Previous Daily Low	1.0692
Previous Weekly High	1.0816
Previous Weekly Low	1.0718
Previous Monthly High	1.0919
Previous Monthly Low	1.0718
Daily Fibonacci 38.2%	1.0712
Daily Fibonacci 61.8%	1.0724
Daily Pivot Point S1	1.0681
Daily Pivot Point S2	1.066
Daily Pivot Point S3	1.0629
Daily Pivot Point R1	1.0734
Daily Pivot Point R2	1.0765
Daily Pivot Point R3	1.0786

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.

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