19 May 2015
AUD/NZD bounces-off lows, near 1.0770
FXStreet (Mumbai) - AUD/NZD was heavily sold-off in the mid-Asian session largely on the Kiwi strength following the latest NZ inflation expectations for Q2 2015 which beat markets estimates, dragging the cross below 1.08 handle.
AUD/NZD drops from 1.0832
Currently, the AUD/NZD pair trades lower by -0.43% at 1.0768, easing off lows reached at 1.0759 some minutes ago. AUD/NZD erased gains and fell deep in to losses after the New Zealand dollar was boosted after rising inflation expectations for Q2 2015 release which may ease RBNZ rate cut bets.
RBNZ's 2 year inflation expectations for the second quarter of 2015 came in at 1.85% vs 1.8% prior and an inflation mid-point target of 2%.
On the other hand, the Aussie wiped out RBA minutes led losses and turned flat, having little effect on the AUD/NZD cross.
Meanwhile, markets now turn focus on NZ Fonterra’s GDT Price Index due later today for major impact on the cross.
AUD/NZD Levels to consider
To the upside, the next resistance is located at 1.0845 levels and above which it could extend gains to 1.0899 levels. To the downside immediate support might be located at 1.0750 levels below that at 1.0700 levels.
AUD/NZD drops from 1.0832
Currently, the AUD/NZD pair trades lower by -0.43% at 1.0768, easing off lows reached at 1.0759 some minutes ago. AUD/NZD erased gains and fell deep in to losses after the New Zealand dollar was boosted after rising inflation expectations for Q2 2015 release which may ease RBNZ rate cut bets.
RBNZ's 2 year inflation expectations for the second quarter of 2015 came in at 1.85% vs 1.8% prior and an inflation mid-point target of 2%.
On the other hand, the Aussie wiped out RBA minutes led losses and turned flat, having little effect on the AUD/NZD cross.
Meanwhile, markets now turn focus on NZ Fonterra’s GDT Price Index due later today for major impact on the cross.
AUD/NZD Levels to consider
To the upside, the next resistance is located at 1.0845 levels and above which it could extend gains to 1.0899 levels. To the downside immediate support might be located at 1.0750 levels below that at 1.0700 levels.