After a climb to the highest level since early May, the AUD/NZD buyers have cleared some gains and the pair faces some consolidation.
AUD/NZD saw a mild increase in Tuesday's session but cleared most of its gains.
decision comes up later in the Asian session with a hold priced in. The RBA maintains its hawkish tone, promoting a more favorable outlook for the Aussie. After a climb to the highest level since early May, the AUD/NZD buyers have cleared some gains andthe pair faces some consolidation. The market awaits the Reserve Bank of New Zealand decision later on Tuesday where the Official Cash Rate is expected to be maintained at 5.50%.
’s May rate path projection, the disinflationary process brought on by New Zealand’s sluggish growth outlook leans the market towards an early rate cut in October, with a November cut fully priced in. In that sense, the Monetary Policy Statement for any possible insights will be closely looked at.
decision there won’t be any significant highlight the bank’s decision will dictate the pace of the pair for the rest of the week. AUD/NZD technical analysis Short-term, the AUD/NZD maintains a bullish stance clarified by the recent gains. However, nearing overbought conditions suggests the potential for a correction. The Relative Strength Index and the Moving Average Convergence Divergence both indicate that a correction may be looming as buyers lose steam. Support levels continue to lie at 1.
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