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AUD/NZD turns positive after RBA rate decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The AUD/NZD cross moved back to positive territory after the Reserve Bank of Australia left the interest rate unchanged.

    Back above 23.6% retracement

    The pair briefly dipped below 1.0947 (23.6% of Oct 30 low-Nov 24 high), before quickly moving back above the same. The RBA left the cash rate unchanged at 2% for the seventh consecutive month, but also maintained that low inflation provided room to do more (easing) if necessary.

    However, the Aussie pair little attention to the dovish part of the statement and chose to rally on the status quo decision on the rates.

    AUD/NZD Technical Levels

    At 1.0979, the immediate resistance is located at 1.0998 (100-DMA), above which the pair could rise to 1.1086 (Nov 24 high). On the other hand, a break below 1.0947 (23.6% of Oct 30 low-Nov 24 high) would expose 1.0856 (50-DMA).
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