FXWIREPRO: New Zealand Dollar Continues to Fall Against Aussie Ahead of Cash Rate Decision

FXWIREPRO: New Zealand Dollar Continues to Fall Against Aussie Ahead of Cash Rate Decision

• Pair is currently trading at 1.1045 levels.
• It made intraday high at 1.1046 and low at 1.0993 levels.
• Intraday bias remains bullish for the moment.
• A daily close above key resistance at 1.1066 will drag the parity towards new high around 1.1298 levels.
• Alternatively, reversal from 1.1066 will turn the bias bearish and take the parity towards 1.0898 levels.
• RBNZ's interest rate decision is due tomorrow.The Official Cash Rate is likely to be kept at 2.5% on Thursday.
• On the other side, RBNZ likely to strengthen its easing bias as sustained weakness in inflation, low dairy prices, and the recent appreciation of the New Zealand dollar threaten the economic outlook.

We prefer to take long position in AUD/NZD around 1.1025, stop loss 1.0957 and target 1.1298/1.1576 levels.

The material has been provided by InstaForex Company - www.instaforex.com