AUD/NZD Technical Analysis: Nosedives to 13-day low after RBNZ’s rate decision


  • AUD/NZD plunges as RBNZ beat market expectations of a 0.25% rate cut with no change in OCR.
  • 100-day EMA can offer immediate support before the key 1.0635/30 support confluence.
  • 1.0850 becomes a challenge for buyers.

With the RBNZ’s refrain from respecting the market consensus of a rate cut, AUD/NZD slumps to the low of 1.0677, before trading around 1.0690, by the press time of early Wednesday.

The Reserve Bank of New Zealand (RBNZ) fails to respect broad forecasts of a 0.25% cut to its Official Cash Rate (OCR) during the November month monetary policy meeting. In a reaction, the New Zealand dollar (NZD) surges across the board and the AUD/NZD pair doesn’t become an exception.

100-day Exponential Moving Average (EMA) level of 1.0667 can offer immediate support to the pair ahead of highlighting 1.0635/30 support confluence that comprises 200-day EMA and 38.2% Fibonacci retracement of August-November upside.

Should prices dip below 1.0630 on a daily closing basis, August 126 low of 1.0530 will be bear’s favorite.

Alternatively, buyers will stay away unless witnessing a daily closing beyond 1.0850. However, the pair’s pullbacks to 1.0750 can’t be denied.

AUD/NZD daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price 1.0684
Today Daily Change -0.0128
Today Daily Change % -1.18%
Today daily open 1.0812
 
Trends
Daily SMA20 1.0762
Daily SMA50 1.0745
Daily SMA100 1.0618
Daily SMA200 1.0562
 
Levels
Previous Daily High 1.0822
Previous Daily Low 1.0756
Previous Weekly High 1.0867
Previous Weekly Low 1.0706
Previous Monthly High 1.0827
Previous Monthly Low 1.0643
Daily Fibonacci 38.2% 1.0797
Daily Fibonacci 61.8% 1.0781
Daily Pivot Point S1 1.0771
Daily Pivot Point S2 1.073
Daily Pivot Point S3 1.0704
Daily Pivot Point R1 1.0838
Daily Pivot Point R2 1.0863
Daily Pivot Point R3 1.0904

 

 

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