AUD/NZD recovers to 1.12 after RBA rate decision

By FXStreet FXStreet (Mumbai) – The AUD/NZD pair recovered to 1.12 levels after the Reserve Bank of Australia (RBA) kept interest rate unchanged as expected and noted that the AUD is adjusting to lower commodity prices.

Rejected at 1.12

The cross ran into offers at 1.12 and now trades around 1.1180 levels. The Aussie strengthened after the RBA kept rates unchanged. Earlier this session, the Aussie found support from the upbeat Aus building consents data and an upward revision of the China PMI gauge.

Ahead in the day, the traders shall look towards the US ISM figure. However, a major impact on the cross is seen from Australia Q2 GDP figure due for release tomorrow.

AUD/NZD Technical Levels

The immediate resistance is located at 1.12, above which the pair could target 1.1263 (previous session’s high). On the other hand, support is seen at 1.1147 (50-DMA) and 1.11 levels.
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Source:: FX Street