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24 Apr 2013
Forex: AUD/NZD sharply lower after RBNZ holds rates at 2.50%
FXstreet.com (Barcelona) - The AUD/NZD is down 36 pips at 1.2156. Initially the pair was trading around 1.2220 before plunging after the releases of RBNZ interest rate decision. Aussie CPI will also be released later in the session at 1:30 GMT.
According to analysts at FXStreet.com, “The RBNZ policy decision is out, with the interest rate kept unchanged at 2.5%, in line with unanimous economist's forecast of a 2.50% no change”
On the official statement, the Reserve Bank Governor Graeme Wheeler said: “The outlook for monetary policy remains consistent with that described in the March Monetary Policy Statement. Despite continued strains in Europe and disappointing data in some countries most recently, global financial market sentiment remains buoyant and the medium-term outlook for New Zealand’s overall trading partner GDP growth remains firm."
From a technical perspective, the pair is currently trading below the 1.2160 pivot which held as key support in late February. Initial support now lies at 1.2090 (weekly support from July 2010), followed by 1.1920 (weekly support from Oct 2009). First resistance sits at 1.2160 (the previous support pivot on daily chart), followed by 1.2200 (previous support, now resistance on 1 hour chart)
According to analysts at FXStreet.com, “The RBNZ policy decision is out, with the interest rate kept unchanged at 2.5%, in line with unanimous economist's forecast of a 2.50% no change”
On the official statement, the Reserve Bank Governor Graeme Wheeler said: “The outlook for monetary policy remains consistent with that described in the March Monetary Policy Statement. Despite continued strains in Europe and disappointing data in some countries most recently, global financial market sentiment remains buoyant and the medium-term outlook for New Zealand’s overall trading partner GDP growth remains firm."
From a technical perspective, the pair is currently trading below the 1.2160 pivot which held as key support in late February. Initial support now lies at 1.2090 (weekly support from July 2010), followed by 1.1920 (weekly support from Oct 2009). First resistance sits at 1.2160 (the previous support pivot on daily chart), followed by 1.2200 (previous support, now resistance on 1 hour chart)