AUD/NZD bounces-off 1.0720, RBNZ in focus

FXStreet (Mumbai) – The Australian dollar continues to underperform its New Zealand counterpart in the mid-Asian trades, now lifting AUD/NZD from session lows. The cross remains undermined largely on AUD weakness on downbeat Aus fundamentals while RBA Stevens further easing bias adds to the downside.

AUD/NZD recovers from 1.0717

Currently, the AUD/NZD pair trades -0.32% at 1.0748, recovering from 1.0717 levels post Stevens comments. The cross in AUD/NZD kept losses manly driven by falling Australian dollar following RBA Stevens speech in which he talked down the AUD, signalling further chances of rate cut this year.

However, the losses were cushioned as the New Zealand dollar also fell in red, falling in sync with its OZ counterpart while markets remain cautious ahead of Thursday’s RBNZ rate decision.

AUD/NZD Technical Levels

The pair has an immediate resistance at 1.0764 levels, above which gains could be extended to 1.0800 levels. On the flip side, support is seen at 1.0713 levels from here it to 1.0687 levels.

The Australian dollar continues to underperform its New Zealand counterpart in the mid-Asian trades, now lifting AUD/NZD from session lows. The cross remains undermined largely on AUD weakness on downbeat Aus fundamentals while RBA Stevens further easing bias adds to the downside.

(Market News Provided by FXstreet)