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AUD/NZD Topside Targets Remain in Focus Ahead of RBNZ Rate Decision

AUD/NZD Topside Targets Remain in Focus Ahead of RBNZ Rate Decision

David Song, Strategist

AUD/NZD Weekly Chart

AUD/NZD Weekly Chart

Chart - Created Using FXCM Marketscope 2.0

The Reserve Bank of New Zealand (RBNZ) interest-rate decision act as a near-term catalyst to spur a further advance in AUD/NZD should Governor Graeme Wheeler show a greater willingness to further embark on the easing cycle.

Even though the RBNZ is widely expected to keep the official cash rate on hold in April, dovish rhetoric accompanied by a toughened verbal-intervention on the New Zealand dollar may highlight a more bullish outlook for aussie-kiwi especially as the Reserve Bank of Australia (RBA) remains on the sidelines. In turn, the inverse head-and-shoulders formation may continue to pan out going in May, with a weekly close above 1.1310 (38.2% expansion) raising the risk for a move back towards 1.1440 (100% expansion) to 1.1450 (23.6% expansion).

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--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

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

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