Thu, Jun 08, 2023 @ 07:38 GMT
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AUD/NZD falling back towards 1.0672 after RBA

AUD/NZD falls notably after RBA announced to leave interest rates unchanged. Yesterday’s rebound was primarily driven by speculation of a hawkish surprise from RBA. However, with RBA’s decision now public, market focus shifts to RBNZ upcoming rate hike and whether the statement would be hawkish enough to push AUD/NZD below 1.0672 short-term bottom.

From a technical perspective, the near-term outlook for AUD/NZD remains bearish as the 1.0802 resistance level remains intact, further supported by the currency pair’s rejection by the 55 day EMA. The decline from 1.1085 is expected to resume sooner rather than later, and a firm break below 1.0672 level would confirm resumption of the fall. This could ultimately lead the currency pair towards 61.8% projection of 1.1085 to 1.0672 from 1.0789 at 1.0534.

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