The Aussie is bouncing back against the Kiwi after declining steadily through Tuesday’s action and is trading back into the 1.0585 region. How does a lack of macro data impact the AUDNZD pair? Gain insight with the 28 March AUDNZD Fundamental Outlook.
28 March, GKFX – The AUD/NZD pushed lower to end Tuesday’s steady decline, hitting a low of 1.0542 before grinding up again in the overnight session.
Aussie and Kiwi in loose play
A notable lack of impactful macro data is keeping both of the Antipodeans at the whim of overall market sentiment, but the Aussie is the notable loser of the two and has been declining against the Kiwi steadily since October of 2017.
AUD expected to keep grinding lower
Both the AUD and the NZD have been suffering from middling economic growth and lackluster figures that are keeping both the Reserve Bank of Australia (RBA) and the Reserve Bank of New Zealand (RBNZ) in a wait-and-see holding pattern, but the overall outlook for the NZ economy remains a touch sunnier and more hopeful than the Australians’, and the AUD is expected to keep grinding lower across the wider currency bloc as interest rate differentials, notably between the US Fed and the RBA, begin to widen.
28 March AUDNZD Fundamental Outlook
The pair has been sinking steadily for the better part of a week, closing in the red for the last four consecutive trading days, and support is thin at this region, with the only notable barrier being yesterday’s low of 1.0542, and the next support zone coming from mid-2017’s consolidation period at the 1.05 major handle, while resistance sits at this week’s swing high at 1.0620 and last week’s swing low of 1.0640.
This article 28 March AUDNZD Fundamental Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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