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- AUD/NZD Price Analysis: Breaks 1.1000 key support on RBNZ rate hike
AUD/NZD Price Analysis: Breaks 1.1000 key support on RBNZ rate hike
- AUD/NZD takes offers to refresh monthly low after RBNZ’s 50 bps rate lift.
- Clear break of 100-DMA, ascending trend line from late May favor sellers.
- Bulls need validation from a fortnight-long resistance line to retake control.
AUD/NZD stands on slippery ground after the Reserve Bank of New Zealand (RBNZ) announced 50 basis points (bps) rate hike during Wednesday’s Asian session. That said, the cross-currency pair takes offers to refresh the monthly low near 1.09888 by the press time.
The RBNZ matched expectations of a 50 bps rate hike, to 3.0%, but optimism from the quarterly Monetary Policy Statement seemed to have favored the AUD/NZD bears afterward.
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In addition to the RBNZ-led moves, the quote’s latest weakness could also be linked to the clear downside break of 1.1000 support confluence, now resistance, which comprises the 100-DMA and an upward sloping trend line from late May.
With this, the AUD/NZD price becomes vulnerable to testing May’s low around 1.0920. However, 38.2% Fibonacci retracement of March-August upside, near 1.0965, could offer immediate direction to the quote.
Meanwhile, recovery remains elusive until successfully trading beyond the 1.1000 mark. Even so, the downward sloping resistance line from late July, at 1.1080 by the press time, could challenge the AUD/NZD bulls.
In a case where the pair prices remain firmer past 1.1080, the odds of witnessing a run-up towards the monthly high surrounding 1.1180 can’t be ruled out.
AUD/NZD: Daily chart
Trend: Further weakness expected
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