AUDNZD Outlook 20 April 2023
The AUDNZD continues to trade higher as price respects the uptrend and maintains within the upward channel.
Most recently the price bounced strongly from the horizontal support level of 1.0810 and the bottom of the channel to trade up to the 1.0890 resistance level following the release of the NZ CPI q/q data at 1.2% (Forecast: 1.5% Previous 1.4%).
A slowdown in inflation growth could reduce the need for the RBNZ to continue with further interest rate hikes.
While a continuation of the uptrend is expected, watchout of a possible brief retracement at the current resistance level or at the top of the channel. Continuation of the upside is likely to require further weakness on the NZDUSD.
Ideally, look for buying opportunities after a retracement on the AUDNZD.
Most recently the price bounced strongly from the horizontal support level of 1.0810 and the bottom of the channel to trade up to the 1.0890 resistance level following the release of the NZ CPI q/q data at 1.2% (Forecast: 1.5% Previous 1.4%).
A slowdown in inflation growth could reduce the need for the RBNZ to continue with further interest rate hikes.
While a continuation of the uptrend is expected, watchout of a possible brief retracement at the current resistance level or at the top of the channel. Continuation of the upside is likely to require further weakness on the NZDUSD.
Ideally, look for buying opportunities after a retracement on the AUDNZD.
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