FXStreet (Bali) – AUD/NZD is up over 3 cents on the day, having rallied from 1.0765/70 all they way up to 1.1065, with the momentum not receding, currently keeps printing news highs.
Atypical double whammy in AUD/NZD market
The ebullient bullish momentum in the AUD/NZD was initially fueled by a rather unexpected RBNZ interest rate cut to 3.25% from 3.5%, with projections and commentary being extremely dovish. Then came the Australian employment report tripling expectations, which added another 1 cent to the upside.
AUD/NZD targets 1.1305 2014 high
AUD/NZD now targets 1.1305 – 2014 high – with little justification to see big players being interested on the NZD long-side in coming days/weeks, while continuous buying activity should remain as the RBA remains in ‘wait-and-see’ mode withing the context of an easing bias, which has been made clear to be data dependent. Given the latest Australian jobs data, one may safely assume that the stellar report might have just pushed any easing action a few more months down the road? Any setback in AUD/NZD should see plenty of dip buying around 1.10 round number followed by another key level at 1.09.
(Market News Provided by FXstreet)