The AUD/NZD lifted through Tuesday’s trading and is currently trading around the 1.0710 area in what would be the early Tokyo session. Japan is on holidays in observance of Vernal Equinox Day, so Asia volumes will be thin. What more is discussed in this 21 March AUDNZD Technical Outlook?
21 March, GKFX – Both the Aussie and the Kiwi have been struggling this week, but the AUD has managed to gain a slight upper hand against its neighboring currency as the NZD sinks on positive macro figures from Australia.
The Reserve Bank of New Zealand (RBNZ) slated to stand pat on interest rates this week, with a lack of notable change in rhetoric clinched as the current head of the RBNZ, acting Governor Grant Spencer, prepares to vacate his seat to make way for incoming Governor Adrian Orr at the end of this month.
RBNZ rate decision
The NZD will be seeing the RBNZ’s rate statement late Wednesday at 20:00 GMT, quickly followed by the Australian Unemployment Rate at 01:30 GMT on Thursday just a few hours later.
The RBNZ statement is likely to be a non-starter for the Kiwi with a lack of rate increases already priced in well into the future, while some positive employment news could give the Aussie some gas money. Before that though, the US Fed will be dropping their highly-anticipated interest rate increase at 18:00 GMT which guarantees a fresh round of market volatility.
21 March AUDNZD Technical Outlook
Tuesday’s bullish action sees the pair retreat back above new lows, but pressure remains high with declining resistance from the 34-day EMA at 1.0760 and near-term resistance at 1.0720, the 50.0 Fibo level, while support rests at yesterday’s swing low of 1.0680 and the week’s low of 1.0635.
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