The AUD/NZD pair might rise in the medium term, according to our technical analysis.The price has already hit EMA 20 on the daily chart, and the MACD is positive. A medium-term target for this pair might be 1.0679 where is Fibo 0.50 on the daily chart.The weekly chart also highlights future uptrend.This pair might rise to form a new bottom in the long term, as the weekly chart shows.
If the Reserve Bank of New Zealand (RBNZ) cuts the interest rate on Wednesday, it is negative for NZD.
The most important data of this week:
New Zealand Unemployment rate 2Q (4.3% expectation); ( 4.2% previous)
YoY (1.2% expectation); ( 1.3% previous)
RBA rate (1.00% expectation); (1.00% previous)
RBNZ rate (1.25% expectation); (1.5% previous)
RBA's Lowe Semi-Annual Testimony to Committee in Canberra