FXStreet (Mumbai) – Fresh offers ran through the Australian dollar following the release of RBA minutes, knocking-off AUD/NZD to fresh session lows below 1.07 handle.
AUD/NZD trades below all major DMAs
The AUD/NZD cross prolongs its losing streak for the fourth straight session with the recent upbeat momentum in the Kiwi overshadowing the China-backed gains in its OZ neighbour.
While the latest RBA minutes offered no new surprises with the central bank maintaining its easing bias citing lower CPI outlook as the key factor, which had virtually no impact on the Aussie. On the other side, the NZD/USD pair keeps pushing higher on anticipation positive dairy auction results and NZ GDP numbers due for on Wednesday.
Meanwhile, the pair is likely to get influenced by the GDT price auction results due later today while tomorrow’s Aus Mid-Year Economic and Fiscal Outlook will also significant bearing on the cross ahead of the key FOMC decision.
AUD/NZD Technical Levels
To the upside, the next resistance is located at 1.0718 (1h 50-SMA) levels and above which it could extend gains to 1.0754 (daily R1). To the downside immediate support might be located at 1.0651 (daily S1) below that at 1.0566 (Nov 3 Low).
(Market News Provided by FXstreet)