The pair tested 0.07000 barrier with a high of 1.07282 last week as New Zealand Dollar (NZD) dropped across the board after quarterly consumer price index (CPI) data strengthened expectations of May month rate-cut from the Reserve Bank of New Zealand (RBNZ). The Q1 2019 CPI grew 0.1% versus 0.3% on a quarterly basis while registering a 1.5% increase compared to the 1.7% market consensus on YoY format. The pair is flat-lined since April 17th as there was no impact to create a momentum to the trend.
The Daily time frame shows a new high breaking the January month high at 1.06701 which gives a new hint of further bullish momentum if it continues to break above 1.07000, targeting 1.07800. AUD/NZD needs to hold its break beyond 200-day simple moving average (SMA) level of 1.0685 in order to aim for 1.0755/65 area including late-2018 high.
In the Hourly time frame, AUDNZD currently trading near 0.06879, may also turn in favor of the bears as the pair shows a rising flag pattern which has broken the trendline downwards in the early Asian session. Once the trendline is retested, the bears may continue to fall reaching 1.06263.
AUDNZD TODAY:
Daily open: 1.06862
Daily Last high: 1.06988
Daily Last Low: 1.06824
Daily current growth: +0.02%
