AUD/NZD struggles below 1.1000 on downbeat NZ Retail Sales and softer Aussie PMI


  • AUD/NZD is hovering around 1.0990 on underperformance from Aussie PMI numbers.
  • The NZ Retail Sales have turned negative, which may bring a sell-off in kiwi.
  • This week, the major event will be the monetary policy announcement by the RBNZ.

The AUD/NZD pair has witnessed a lack of follow-up buying action in the early Tokyo session after Statistics New Zealand reported negative quarterly Retail Sales. The cross attempted to overstep the psychological resistance of 1.1000 as the quarterly Retail Sales landed at -0.5%, extremely lower than the former figure of 8.3%. However, it failed to do the same amid a lack of follow-up buying.

The cross didn’t find a cumulative buying action as downbeat Aussie's Purchase Managers Index (PMI) numbers by the IHS Markit hammered the aussie bulls. The IHS Markit reported the S&P Global Composite PMI at 52.5, significantly lower than the prior print of 55.9. In a detailed manner, the Manufacturing PMI tumbles to 55.3, against the consensus of 57.8 and the previous figure of 58.8. While the Services PMI edged higher to 53 from the estimates of 52.2 but remained lower than the last recorded figure of 56.6.

On the kiwi front, the interest rate decision by the Reserve Bank of New Zealand (RBNZ) will keep investors on the edge. The RBNZ will announce its interest rate decision n Wednesday and is expected to further elevate its Official Cash Rate (OCR) by 50 basis points (bps). Rising price pressures in the kiwi zone are demanding a spree of rate hikes and an ending of quantitative easing. An interest rate elevation by half a percent will push the OCR to 2%.

AUD/NZD

Overview
Today last price 1.0991
Today Daily Change -0.0021
Today Daily Change % -0.19
Today daily open 1.1012
 
Trends
Daily SMA20 1.0999
Daily SMA50 1.0895
Daily SMA100 1.0795
Daily SMA200 1.0625
 
Levels
Previous Daily High 1.1057
Previous Daily Low 1.0981
Previous Weekly High 1.1123
Previous Weekly Low 1.0981
Previous Monthly High 1.1
Previous Monthly Low 1.0762
Daily Fibonacci 38.2% 1.101
Daily Fibonacci 61.8% 1.1028
Daily Pivot Point S1 1.0977
Daily Pivot Point S2 1.0941
Daily Pivot Point S3 1.0901
Daily Pivot Point R1 1.1052
Daily Pivot Point R2 1.1093
Daily Pivot Point R3 1.1128

 

 

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 Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD steadies near 1.0550, looks to post modest weekly gains

EUR/USD has lost its bullish momentum after having climbed above 1.0570 with the initial reaction to the US data in the American session and retreated toward the mid-1.0500s. On a weekly basis, the pair remains on track to close in positive territory. 

EUR/USD News

GBP/USD struggles to hold above 1.2300

GBP/USD struggles to hold above 1.2300

GBP/USD has edged lower following a jump above 1.2300 in the early American session on Friday. The market mood remains upbeat ahead of the weekend with Wall Street's main indexes posting strong daily gains on upbeat US data. 

GBP/USD News

Gold stays below $1,830 as US yields edge higher

Gold stays below $1,830 as US yields edge higher

Gold continues to fluctuate below $1,830 on Friday and looks to close the second straight week in negative territory. Fueled by the risk-positive market environment, the benchmark 10-year US Treasury bond yield is up more than 1% on the day, limiting XAU/USD's upside.

Gold News

Why Cardano could surprise over the weekend

Why Cardano could surprise over the weekend

ADA  set to close out the week with a gain on the workday trading week and over the weekend? Central banks signaled that the rate hike cycle is ending, meaning less stress and tight conditions for trading, opening up room for some upside potential with Cardano set to pop above $0.55 and test a significant cap.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures