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Forex Trading: AUDNZD Eyes 2012 Low Ahead of RBA Rate Decision

Forex Trading: AUDNZD Eyes 2012 Low Ahead of RBA Rate Decision

David Song, Strategist

The AUDNZD quickly reversed course as the Reserve Bank of New Zealand struck a more hawkish tone for monetary policy, and we will continue to look for opportunities to sell the pair amid the deviation in the policy outlook. Indeed, the aussie-kiwi never made it to 38.2% Fibonacci retracement from the 2008 low to the 2011 high around 1.2580 to trigger our short, but we will continue to sell rallies in the exchange rate as it maintains the downward trend from 2011. With the Reserve Bank of Australia interest rate decision on tap for the following week, we should see Governor Glenn Stevens continue to strike a dovish tone for monetary policy, and we will look for a run at the 2012 low ( 1.2367) as the central bank continues to embark on its easing cycle.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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