AUD/NZD Price Analysis — November 2

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The AUD/NZD continued on a directionless bias in the North American session on Monday. At press time, the pair is trading at 1.0630, up by 0.03% on the day.

The blooming market risk sentiment is currently aiding both the Aussie (AUD) and the Kiwi (NZD) to find modest demand against other currencies ahead of the RBA announcements tomorrow. However, with many speculators expecting a rate cut from the RBA, the Aussie could resume on a downward slide against the NZD. We expect the central bank to cut its interest rate by 15 bps to 0.10%.

Meanwhile, an upbeat Chinese Manufacturing PMI was responsible for the renewed risk tone across the markets on Monday, which has favored the Kiwi more. However, the rising number of Coronavirus cases and the renewal of lockdown restrictions across the Eurozone could thwart any significant gains in the NZD in the meantime.

Nonetheless, the market’s bias will be largely dictated by the outcome of tomorrow’s US Presidential Election.

AUD/NZD Value Forecast — November 2

AUD/NZD Major Bias: Sideways

Supply Levels: 1.0700, 1.0725, and 1.0800

Demand Levels: 1.0600, 1.0500, and 1.0400

While the AUD/NZD has remained in a consolidation range between 1.0636 and 1.0600, it appears that the pair is stealthily inching lower. The AUD/NZD continues to trade within our 3-month-old descending channel and will likely continue on that path given the current expectations surrounding the AUD.

At the moment, the pair will attempt to break above the 50 SMA at 1.0642. A successful break above that line will set its course to the 1.0700 level, where we have a confluence of indicators (psychological resistance line, 100 SMA, top of ascending channel), making it even more difficult to break above.

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