AUDNZD Overview

Hello Price Action Traders.

AUD/NZD

The RBNZ increased the interest rate to 3.5% but the NZD fell. The reason is that it is the fourth time in a row that rates have been increased, therefore, the market has already priced in the news. “Buy the rumors, sell the fact“. The bank also reiterated that it does not believe the exchange rate is sustainable at current levels. As a result, the AUD/NZD skyrocketed for more than 100 pips and is currently trading above its 200 SMA. The pair has also passed the 1.09445 level so next resistance could be found around the 1.10100 zone.

 

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