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AUD/NZD rockets on RBNZ surprise

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/NZD has shot up to the 1.12 handle and cleared through offers and stops on the 1.11 handle with ease on the RBNZ surprise interest rate cut of 25bps.

    The Central Bank in a pre-emptive move cut the OCR from 2.50% to 2.25% while the outlook for global growth has deteriorated since Dec meeting, as explained in the accompanying statement. At the same time, RBNZ added that further easing may be expected and further NZD depreciation is appropriate.

    AUD/NZD levels

    Technically, AUD/NZD is eyeing the 200 week sma at 1.1374 on this surprise move and will be up to challenge the resistance between April 2015 and Sept of the same year at 1.1420 there after. The immediate challenge will be a score on the 1.13 handle.
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