AUD/NZD to rally as RBA plays catch up
AUD/NZD has found solid support in recent weeks below 1.0500 in the range it has played for many years between 1.0300-1.1000.
Australian CPI was higher than expected today on the key Trim reading which the Reserve bank of Australia (RBA) watches closely and likely will lead to the market buying AUD ahead of the RBA meeting next week on November 2nd.
Although the RBA will likely continue to be patient and wait for wage inflation the bond market is already pricing in a shift from the RBA and since the NZD already priced in many rate hikes from the RBNZ there is a lot of room here for the AUD to rally on the relative change of 0 interest rate hikes from RBA to perhaps 1 or 2 next year.
AUD/NZD is a slow pair but trends nicely especially if we can get above the 200DMA at 1.0630 level in coming sessions. The trade is invalidated if we trade back below 1.0450.
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Australian CPI was higher than expected today on the key Trim reading which the Reserve bank of Australia (RBA) watches closely and likely will lead to the market buying AUD ahead of the RBA meeting next week on November 2nd.
Although the RBA will likely continue to be patient and wait for wage inflation the bond market is already pricing in a shift from the RBA and since the NZD already priced in many rate hikes from the RBNZ there is a lot of room here for the AUD to rally on the relative change of 0 interest rate hikes from RBA to perhaps 1 or 2 next year.
AUD/NZD is a slow pair but trends nicely especially if we can get above the 200DMA at 1.0630 level in coming sessions. The trade is invalidated if we trade back below 1.0450.
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
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