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AUDNZD is Bracing for Impact From RBNZ

Burc Oran by Burc Oran
November 23, 2021
Reading Time: 2 mins read
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AUDNZD is Bracing for Impact From RBNZ
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(AUDNZD Daily Chart) 

AUDNZD is in a tightening zone since 2013 and trying to get support from the 1.025 and make a move to higher levels ahead of the RBNZ decision. The economy is getting stronger in New Zealand. The unemployment announced much better than expected and fall to %3.4 while the inflation is running hotter. At the same time, the largest city, Auckland’s vaccination target for reopening %90 is soon to be reached. With the reopening of Auckland, the employment market might continue to get better which will support the high inflation rates as well.   

Tomorrow, a 25 bp rate hike is expected from RBNZ but because of the much better than expected employment and higher than expected CPI data, RBZD may want to go a front-loaded rate hike of 50bp.   

(AUDNZD Daily Chart, Zoomed In) 

In the short to medium term, AUDNZD is testing the upper line of the bearish trend channel. In case of a 50 bp rate hike, AUDNZD may stay inside of the bearish channel and fall to 1.025 gradually. On the other hand, a breakout to the upside may cause bullish pressures to the 1.05-1.0540 zone. The key pivot level is 1.0430 at the moment for future direction. 

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Tags: AUDNZDAUDUSDbear marketEmploymentNew Zealand economyvaccine
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