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AUD/NZD weakest since May, rates outlook weighs

FXStreet (Mumbai) - The New Zealand dollar outperforms its OZ neighbour in the mid-Asian session, now pushing AUD/NZD to fresh five-month lows near 1.0580 region.

AUD/NZD trades below most major Mas on daily sticks

Currently, the AUD/NZD pair trades -0.20% lower at 1.0587, retreating from fresh five-month lows struck at 1.0874 in early moves. The AUD/NZD cross attempts a tepid-recovery, although remains in the red, as the New Zealand dollar keeps the downside pressure on the Aussie intact.

The cross in AUD/NZD drops this session as markets are pricing-in a no RBNZ rate cut at its policy meeting next week while expecting RBA to cut the benchmark interest rate as soon as November 3, after top Australian banks, including the CBA, Westpac and NAB, hiked the interest rates on home loans.

Looking ahead, markets will continue to the digest the latest fundamentals surrounding both Antipodes while focus now shifts towards next Wednesday’s FOMC statement and Aus CPI ahead of NZ trade balance due to be reported on Tuesday.

AUD/NZD Technical Levels

To the upside, the next resistance is located at 1.0620/1.0628 (Today’s High + H1 20-SMA) levels and above which it could extend gains to 1.0688 (H1 50-SMA). To the downside immediate support might be located at 1.0536 (daily S1) below that at 1.0500 (round number).

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