AUD/NZD set to extend gains beyond 1.0700 ahead of Aussie GDP data

  • AUD/NZD accumulates gains in the Asian session.
  • Upbeat economic data underpins the demand for the aussie.
  • Kiwi gains diminish post-RBNZ hawkish view.

AUD/NZD extendes the previous two session gains on Wednesday. The cross-currency pair staged a rebound from the multi-month low at 1.0597 on Thursday and posted single day gains post RBA interest rate decision on Tuesday.

At the time of writing, AUD/NZD trades at 1.0701, up 0.20% for the day.

The Reserve bank of Australia (RBA) maintained the status-quo on interest rate in its June monetary policy meeting. The RBA dovish stance on the future course of action diverged with the Reserve Bank of New Zealand (RBNZ)  hawkish forward guidance in the previous week, which surprised the market.

Meanwhile, the Reserve Bank of Australia Head of Economic Analysis Bradley Jones said that the economic outlook remains optimistic with the surprising strength of the economy so far. The Aussie ticked a little higher as a reaction made to the comments.

Aussie remains upbeat on strong economic data, the IHS Manufacturing PMI rose 60.4 in May, beating market expectations at 59.9. Aussie gained on the higher readings.

On the other hand, kiwi gains are fading now, the latest Australia and New Zealand Bank (ANZ) survey, revealed that the New Zealand economy is struggling to meet demand on rising cost and inflationary pressure. The New Zealand Terms of Trade came at 0.1% in May in line with the market expectations. 

As for now, traders are looking for the release of Australian Q1 Gross Domestic Product (GDP) data for fresh trading opportunities.

If the readings came above the market expectations, then it could further boost the performance of AUD.

AUD/NZD Additional Levels


Today last price 1.0703
Today Daily Change 0.0019
Today Daily Change % 0.18
Today daily open 1.0684
Daily SMA20 1.0734
Daily SMA50 1.0785
Daily SMA100 1.0763
Daily SMA200 1.0736
Previous Daily High 1.0705
Previous Daily Low 1.0622
Previous Weekly High 1.0799
Previous Weekly Low 1.06
Previous Monthly High 1.0851
Previous Monthly Low 1.06
Daily Fibonacci 38.2% 1.0673
Daily Fibonacci 61.8% 1.0654
Daily Pivot Point S1 1.0636
Daily Pivot Point S2 1.0587
Daily Pivot Point S3 1.0553
Daily Pivot Point R1 1.0719
Daily Pivot Point R2 1.0753
Daily Pivot Point R3 1.0802



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD battles with 1.1700 as the market mood turns sour

Poor German data and renewed concerns about a default of the Chinese Evergrande property giant undermined investors’ sentiment, pushing them into the dollar’s safety.


GBP/USD accelerates its slump, trades around 1.3650

GBP/USD is under strong selling pressure, trimming most of its post-BOE gains. Concerns about the global financial health and slow moves towards tapering weigh on markets.


XAU/USD hangs near multi-week lows, around $1,745 ahead of Powell

Gold struggled to capitalize on its attempted intraday recovery move. Hawkish Fed/BoE, rising bond yields acted as a headwind for the metal. Resurgent USD demand exerted additional pressure on the commodity.

Gold News

PBoC imposes ban on crypto trading as it fosters ‘illegal financial activity’

PBoC bans crypto trading activities and a plethora of associated services, labeling it “illegal.” Overseas cryptocurrency exchanges providing services to Chinese residents will be investigated in accordance with the law. 

Read more

Evergrande, VIX and yields make for choppy day ahead

Equity markets remain focused on Evergrande as rumours of a possible default on overseas debt swirl. The market appears to be on the hunt for negative news, which leads us to conclude that stocks are going lower in the short term.

Read more