3 May 2016
AUD/NZD consolidates losses, holds above 1.08 ahead of NZ jobs
AUD/NZD has remained steady during the last hours, moving sideways in a short-term trading range between 1.0845 and 1.0800, consolidating significant daily losses.
The Australian dollar is the worst performer in the currency market on Tuesday, affected by the decision of the Reserve Bank of Australia (RBA) to cut rates by 25 basis point from 2.0% to 1.75%, a new record low; market consensus was expecting the central bank to leave rates unchanged.
All losses from today came immediately after the RBA statement when AUD/NZD dropped from 1.0925 to 1.0790, hitting the lowest level since early March. It quickly rose back above 1.0800.
The actual range is likely to be broken with the release of the employment report of the first quarter in New Zealand. The numbers will be released at 22:45 GMT.
AUD/NZD levels
On the downside, the immediate support for the pair is seen at 1.0800 (lower limit of the actual trading range), 1.0760/65 (Mar 1 low / Feb 15 high) and 1.0725 (Feb 19 low). On the upside, resistance could be seen at 1.0845 (upper limit / May 2 low), 1.0925 and 1.0950 (daily high).
The Australian dollar is the worst performer in the currency market on Tuesday, affected by the decision of the Reserve Bank of Australia (RBA) to cut rates by 25 basis point from 2.0% to 1.75%, a new record low; market consensus was expecting the central bank to leave rates unchanged.
All losses from today came immediately after the RBA statement when AUD/NZD dropped from 1.0925 to 1.0790, hitting the lowest level since early March. It quickly rose back above 1.0800.
The actual range is likely to be broken with the release of the employment report of the first quarter in New Zealand. The numbers will be released at 22:45 GMT.
AUD/NZD levels
On the downside, the immediate support for the pair is seen at 1.0800 (lower limit of the actual trading range), 1.0760/65 (Mar 1 low / Feb 15 high) and 1.0725 (Feb 19 low). On the upside, resistance could be seen at 1.0845 (upper limit / May 2 low), 1.0925 and 1.0950 (daily high).