On Friday, the Finance Minister of New Zealand, Grant Robertson, stated that the Reserve Bank of New Zealand (RBNZ) isn’t inclined to adjust its policy rate until March. The Minister also mentioned that a stronger-than-expected economic recovery would help the RBNZ stay put for the near-term.
The hawkish stance by the RBNZ has bolstered the strength of the NZD against other major rival currencies. The NZD/USD has climbed to its highest point since April of 2019 on Friday at 0.6798.
Meanwhile, reports from Australia last week showed that the Unemployment rate in August fell to 6.8% from 7.5% in July, indicating a goodish recovery in the economy. However, this positive data has failed to have a lasting effect on the AUD.
AUD/NZD Value Forecast — September 21
AUD/NZD Major Bias: Bullish
Supply Levels: 1.0844, 1.0900, and 1.0934
Demand Levels: 1.0800, 1.0768, and 1.0725
The AUD/NZD has bounced off our ascending channel and is now approaching the 1.0844 resistance level. We expect the base of our channel to support any fall from this level strongly, making further upside correction very likely in the near-term.
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