Chart of the day - AUDNZD (04.05.2021)

8:58 AM May 4, 2021

AUDNZD is continuing an upward move launched after a test of the 1.0725 area last week. A mix of support can be found in that area - 200-session moving average, lower limit of the upward channel and 50% retracement of the downward move started in August 2020. The pair has reached the first major resistance - 1.080 area marked with previous price reactions and 61.8% Fibonacci retracement.

Reserve Bank of Australia has left interest rates and other monetary policy settings unchanged during today's meeting. RBA hinted that a decision on the third round of bond purchases will be made during a meeting in July. While the situation on the Australian jobs market is improving quickly, inflation pressures within the Australian economy remain subdued. 

Source: xStation5

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