AUD/NZD stalling, due a sizeable correction at resistance depending on Aussie data

  • Aussie data in focus: We have the Australian consumer sentiment has been volatile this year.
  • RBA more likely to cut than the RBNZ next meeting around. 

AUD/NZD is currently trading at 1.0686 and is forming a top on the charts having made an impressive advance since the start of August and has met resistance at April-May tops.  

The driver behind the move has been better than expected Aussie data and the Reserve Bank of New Zealand racing to the bottom. However, of recent trade, we have seen NAB reported Australian business confidence weakened in August, sending AUD/USD down to near 0.6850 which has weighed on the cross while the bird has been defying gravity and shorts have been pared back to some extent - Eys will be on the Yuan fixing today following yesterday's strong fix which supported the Aussie. 

Also, it is worth noting that the Australian 3-year government bond yields have been firmer,  rising from 0.84% to 0.90%, while the 10s' climbed from 1.08% to 1.15%. However, expectations are a little higher for the Reserve Bank of Australia to cut rates next time around compared to the RBNZ which has already done 5 basis points at their last meeting - getting ahead of the curve.

"Markets are pricing 8bp of easing at the October RBA meeting, and a terminal rate of 0.51% (RBA cash rate currently at 1.0%). Market pricing for RBNZ is for 3bp of easing on 25 September, with a terminal rate of 0.62%," analysts at Westpac noted. 

Aussie consumer confidence on the cards

Looking ahead fo the day, we have the Australian consumer sentiment has been volatile this year in the Westpac-Melbourne Institute survey (10:30am Syd/8:30am Sing/HK), including -4.1% in July then +3.6% in August. "The latter move came despite worrying headlines on trade wars and accompanying equity turbulence. It left the headline index at a very neutral 100.0. Today’s survey was conducted 2-7 September i.e. including the RBA’s steady hand and Q2 GDP report, which matched consensus but was spun mostly negatively in the media, given the weak y/y pace," analysts at Westpac explained. 

AUD/NZD levels


Today last price 1.0687
Today Daily Change 0.0006
Today Daily Change % 0.06
Today daily open 1.0681
Daily SMA20 1.0607
Daily SMA50 1.0511
Daily SMA100 1.0535
Daily SMA200 1.0511
Previous Daily High 1.0696
Previous Daily Low 1.063
Previous Weekly High 1.0712
Previous Weekly Low 1.063
Previous Monthly High 1.0696
Previous Monthly Low 1.0263
Daily Fibonacci 38.2% 1.0671
Daily Fibonacci 61.8% 1.0656
Daily Pivot Point S1 1.0642
Daily Pivot Point S2 1.0604
Daily Pivot Point S3 1.0577
Daily Pivot Point R1 1.0708
Daily Pivot Point R2 1.0735
Daily Pivot Point R3 1.0773



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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD tension remains elevated ahead of the Fed

EUR/USD is trading above 1.1050, in a narrow range ahead of the all-important Fed decision. Chair Powell is set to cut rates but signal no further stimulus is on the cards.


GBP/USD extends its falls to 1.2450 amid weak UK inflation, Brexit impasse

GBP/USD has dropped to around 1.2450 as UK headline CPI missed with 1.7% in August. Brexit negotiations remain stuck according to Chief EU negotiator Barnier. The Fed decision is eyed.


USD/JPY holds on to recovery gains above 108.00 ahead of Fed

Not only upbeat trade numbers from Japan but upbeat trade/political headlines also help the USD/JPY pair to remain firm around 108.20 prior to Wednesday’s European session. Focus on FOMC decision.


Gold seesaws around $1,500 with all eyes on FOMC

With the global traders on a wait and see approach ahead of the key event, Gold offers fewer moves while taking rounds to $1,500 during Wednesday’s Asian session. Also supporting the bulls were positive statistics from the US and the Eurozone.

Gold News

Forex Today: Fed set to trigger high volatility, oil falls, altcoins advance

Tension is mounting ahead of the Federal Reserve decision later today. Economists expect a 25 basis point rate cut amid slowing global growth and investment. 

Read more