- AUD/NZD dips mildly to 1.0821 during Monday's session.
- Markets are eyeing Australia's April CPI and Retail Sales updates this week.
- Investors will eye New Zealand's May ANZ business survey, which is expected to reveal a slowdown in activity.
The AUD/NZD is presently trading with mild fluctuations, expecting key figures from Australia and New Zealand along the week.
On the Australian side, the focus is primarily on the April Consumer Price Index (CPI) and Retail sales data. The CPI is projected to register a slight decrease, dropping to 3.4% YoY while Retail Sales are expected to recover somewhat. The outcome of the data might shape the expectations of the Reserve Bank of Australia (RBA) which has lately advocated for a cautious stance.
On the other hand, the attention in New Zealand is directed towards the ANZ business survey data for May on Tuesday. The outcome might also shape the bets on the next Reserve Bank of New Zealand (RBNZ)'s monetary policy decisions. While the bank suggested a potential rate hike, market prediction indicates an opposing view, leaning towards a first rate cut in November.
AUD/NZD technical analysis
In the daily chart, the Relative Strength Index (RSI) sits within negative territory. Despite an uptick in the latest reading to 30, the pair remains pressured, as the positive momentum observed earlier in the week has considerably waned. The negative trend, as suggested by the RSI, is further confirmed by the rising red bars of the Moving Average Convergence Divergence (MACD) histogram, affirming the downside momentum.
AUD/NZD daily chart
On a positive note, the pair currently trades above its 100 and 200-day Simple Moving Averages (SMA), indicating potential medium-to-long-term upward momentum. However, the AUD/NZD's positioning below the 20-day SMA highlights the near-term volatility anticipated.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays around 1.0300 ahead of FOMC Minutes
EUR/USD stays under heavy selling pressure and trades around 1.0300 on Wednesday. News of US President-elect Donald Trump planning to declare an economic emergency to allow for a new tariff plan weighs on risk mood. US ADP misses expectations with 122K vs 140 anticipated.
GBP/USD drops to fresh multi-month lows, hovers around 1.2350
GBP/USD remains on the back foot and trades at its weakest level since April, around 1.2350. The risk-averse market atmosphere on growing concerns over an aggressive tariff policy by President-elect Donald Trump drags the pair lower as focus shifts to US FOMC Minutes.
Gold pressures fresh multi-week highs
Gold price (XAU/USD) advances modestly in a risk-averse environment. The benchmark 10-year US Treasury bond yield holds at its highest level since late April near 4.7%, making it difficult for XAU/USD ahead of FOMC Minutes.
Fed Minutes Preview: Key Insights on December rate cut and future policy plans
The Minutes of the Fed’s December 17-18 policy meeting will be published on Wednesday. Details surrounding the discussions on the decision to trim interest rates by 25 basis points will be scrutinized by investors.
Bitcoin edges below $96,000, wiping over leveraged traders
Bitcoin's price continues to edge lower, trading below the $96,000 level on Wednesday after declining more than 5% the previous day. The recent price decline has triggered a wave of liquidations across the crypto market, resulting in $694.11 million in total liquidations in the last 24 hours.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.