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AUD/NZD chart - Trading View
AUD/NZD was trading 0.11% higher on the day at 1.0479 at around 10:00 GMT.
The pair trades with a strong bearish bias with scope for further weakness.
Price action is consolidating break below weekly cloud and is on track to test major trendline support and double bottom at 1.0418.
A glaring divergence between the Reserve Bank of Australia (RBA) and the Reserve Bank of New Zealand (RBNZ) paves way for further plunge in the pair.
At the RBNZ policy meet next week (18th Aug), a rate rise of 25 basis points to 0.5% is now fully priced in.
While, the RBA is unlikely to increase the 0.1% cash rate until 2024 given weakness in wage growth and core inflation.
While the market suspects it will move earlier, a rise is not priced in until November next year.
AUD/NZD is poised for further weakness. Scope for test of 1.0418 (trendline). Bearish invalidation only avove 21-EMA.
