AUD/NZD Price Analysis: Bulls approach 1.1100 on downbeat RBNZ Inflation Expectations
- AUD/NZD takes the bids to refresh intraday high after RBNZ Q3 Inflation Expectations.
- RBNZ Q3 Inflation Expectations eased to 3.07% versus 3.29% prior.
- Upside break of 200-HMA, upbeat oscillators also favor buyers.
- Nearby support confluence around 1.1065 restricts immediate downside.
AUD/NZD remains on the front foot, extending Friday’s upside break of the one-week-old descending trend line, after softer inflation expectations data from the Reserve Bank of New Zealand (RBNZ) during early Monday in Europe.
That said, the Q3 RBNZ Inflation Expectations dropped below 3.29% prior to 3.07%, which in turn joins recently mixed data from New Zealand to weaken the New Zealand dollar (NZD) after the release.
Following the data, AUD/NZD pokes the 200-HMA, around 1.1090 while extending the previous day’s upside break of the key resistance line, now support near 1.1065.
Additionally favoring the AUD/NZD bulls are the firmer RSI and bullish MACD signals, not to forget a two-day-old support line near 1.1065.
With this, the quote is ready to cross the 1.100 threshold, which in turn could please buyers while directing them towards the monthly high near 1.1125.
Alternatively, pullback remains elusive until the quote stays beyond 1.1065, a break of which could direct the AUD/NZD sellers towards the previous weekly low around the 1.10000 psychological magnet.
AUD/NZD: Hourly chart
Trend: Further upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
