AUDNZD definitely will suffers a strong sell-off in this week because the divergence bwt RBA and RBNZ.
We knew that RBNZ last week left the rate "on-hold" , and Australia CPI missed the forecast, dropped to 1.7% for RBA trimmed mean CPI (YoY). AUDNZD fell about 400 pips from 1.1250 to 1.0885
This week, RBA Meeting and Australia Budget Release, NZ employment report are key data and events we must watch to trade AUDNZD .
Many economists and commercial banks bet on rate cut for RBA Meeting.
I think I should follow this forecast, a 25bp rate cut will trigger a big move for Aussie.
NZ employment report likely is positive for Kiwi.
We will see the divergence bwt Kiwi and Aussie is more clearer in this week.
If we check , we see AUDNZD also broke two meaningful supports:
- Kumo cloud
I think those are strong signals which would weight on Aussie and send AUDNZD to next support. I think likely 1.0750
I recommend to sell AUDNZD to 1.0750.
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