AUD/NZD: Consolidated after Strong Daily Supply
AUD/NZD is in recovery mode after the losses from the mid point of the 1.08 handle.
AUD/NZD is, however, stalling at the recent support of that slide last week and is in consolidation in quiet start of the week and postnonfarm payrolls trade. The Aussie got the brunt of the recent strength in the greenback due to the RBA pulling back their inflation forecasts by 1% and the market anticipating further rates cuts after the recent cut. In respect to the RBNZ:
RBNZ to cut rates again in June? - Westpac
is in consolidation of the steep sell-off from the end of April
business and trades below the major 4hr ma's, resisted by the 10 4hr sma
at 1.0786 currently. The 1.08 handle has the 50 sma at 1.0886 on the
same time frame at next major hurdle in a correction while the 200 w sma
could offer some initial resistance at 1.0819. To the downside, 1.0735
is last week's low guarding 1.0670 and 25th Feb lows.