FXStreet (Guatemala) – AUD/NZD is currently trading at 1.1067 with a high of 1.1105 and low of 1.1047.
AUD/NZD has been in consolidation since the surprise from the RBNZ last week when they cut interest and send the Kiwi free falling. The cross is up over the big figures and shows little sign of coming back below the 1.10 handle anytime soon. The pair is steady and the Aussie is better bid across the board, with AUD/USD recovering a chop from last months down trend.
We have little to go on from NZ until GDP and post the FOMC while the RBA come with their June minutes when they left the cash rate at 2% and didn’t leave any forward guidance. However, the RBA’s Governor’s speech that came further in to the month said, “We remain open to the possibility of further policy easing, if that is, on balance, beneficial for sustainable growth.”
Technically, this move is an extension of the broader bull trend from just above parity when the cross started to gains demand at the end of April’s business. while above the daily EMA 200 at 1.0676 on the daily charts the pair is better bid and a buy on dips. The 2001 downtrend from 1.3770 terminated at 1.05 on a pull back to 1.1290 and this marks an area that could be reached with a break of 1.1210 and Sep 2013 lows.
(Market News Provided by FXstreet)