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AUD/NZD Tracks Sideways Ahead Of RBA Meeting

NZD
  • The AUD/NZD ended Friday trading up 0.13% at 1.0785, and remains rangebound between 1.0750-1.0800, ahead of the RBA meeting later this afternoon.
  • The RBA is expected to keep its key interest rate at 4.35% for the fifth consecutive meeting to manage persistent inflation, despite a slowing economy and tight labor market. RBA Governor Bullock is likely to maintain a mildly hawkish stance, with potential rate cuts anticipated in early 2025 as inflation is projected to return to target by late next year.
  • The cross tested the 20-day EMA on Friday however was unable to break above it and remains below all moving averages, the 14-day RSI has ticked higher to 43, while the MACD is now in positive territory
  • Looking at technicals, initial support is 1.0735 (Jun 6 lows) a break below here would open a retest of 1.0700 (Round Number support). Initial resistance is 1.0800-1.8010 (round number resistance/20-day EMA), a break here would then target a move to 1.0850 area (May 31 high).
  • The AU-NZ 2Y swap is 0.5bp higher at -77bps.
  • Option expiries: no notable strikes today, upcoming strikes include - 1.0925 ($604.12m) June 20th
  • Today, focus will be on the RBA at 1430 AEST
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