• AUD/NZD is expected to display significant losses after surrendering the cushion of 1.0300.
  • The RBNZ is likely to announce a half-a-percent rate hike for the fourth time consecutively.
  • A lower Australian Consumer Inflation Expectations print has failed to support aussie bulls.

The AUD/NZD pair has turned sideways at around 1.0400 after a downside move from 1.0500. The asset is on the verge of printing a fresh weekly low if the kiwi bulls manage to drag the cross below the immediate support of 1.0300. A release of an upbeat Business NZ PMI has strengthened the kiwi bulls.

The Business NZ PMI data has landed at 52.7, higher than the expectations of 52.5 and the prior release of 50. This is going to delight the Reserve Bank of New Zealand (RBNZ) in its fight against inflation. Next week, the RBNZ will announce an interest rate decision in its monetary policy meeting. RBNZ Governor Adrian Orr is expected to step up its Official Cash Rate (OCR) by 50 basis points (bps) consecutively for the fourth time. An announcement of the same will elevate the OCR to 3%.

As per the Reuters survey, the RBNZ will elevate its OCR to 4.00% by mid-2023. And, the Inflation is expected to fall within the target range of 2-3% in the H1CY2023. It seems like the RBNZ’s goal of bringing price stability is visible now.

On the Aussie front, lower Consumer Inflation Expectations data has failed to support the aussie bulls. A slippage in aussie Consumer Inflation Expectations, which presents the consumer expectations of future inflation during the next 12 months will force a decline in the hawkish guidance by the Reserve Bank of Australia (RBA).

AUD/NZD

Overview
Today last price 1.104
Today Daily Change -0.0024
Today Daily Change % -0.22
Today daily open 1.1064
 
Trends
Daily SMA20 1.1085
Daily SMA50 1.1066
Daily SMA100 1.1004
Daily SMA200 1.0806
 
Levels
Previous Daily High 1.1159
Previous Daily Low 1.1006
Previous Weekly High 1.1141
Previous Weekly Low 1.1006
Previous Monthly High 1.1246
Previous Monthly Low 1.0936
Daily Fibonacci 38.2% 1.1065
Daily Fibonacci 61.8% 1.1101
Daily Pivot Point S1 1.0994
Daily Pivot Point S2 1.0924
Daily Pivot Point S3 1.0841
Daily Pivot Point R1 1.1146
Daily Pivot Point R2 1.1229
Daily Pivot Point R3 1.1299

 

 

 

 

 

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