AUD/NZD: the only way is up, or is it?

By FXStreet FXStreet (Guatemala) – After a number weeks until the end of Nov business, with the Aussie being the strongest G10 and the bird being the weakest, AUD/NZD has started to consolidate around the 1.10 level after a one way street in the cross as the Aussie took flight and was the best performer, despite metals falling, reaching a handful of pips below 1.1100.

The bird has however been relatively firm vs the greenback capping the Aussie to a marginal score through the psychological 1.10 with the GDT price index offer some support to the bird. There could be a case on the bid for the bird now that it has pulled away from the MA cluster on the daily charts with a key target of 0.6800 vs the dollar which could cap the cross, but that all depends on the RBNZ and FOMC and how much of the probability of the divergence of the outcomes of these meetings is already priced in. The OPEC meeting could be significant before Nonfarm Payrolls and RBNZ next week, while the Aussie might be more susceptible to the outcome of OPEC that are expected to cut supply, driving the price of oil high …read more

Source:: FX Street