Sean Callow, Research Analyst at Westpac, points out that RBNZ governor Adrian Orr’s first policy statement on 10 May provided the spark for AUD/NZD to break its ranges to the top side. Key Quotes “By declaring that the “direction of our next move is equally balanced, up or down”, the RBNZ provided a clear contrast to the RBA messaging. This should persist at least for the next few months, helping AUD/NZD maintain notably higher ranges.” “The RBA’s message has not changed; indeed in its own quarterly statement in May, the RBA stuck to its bullish 3.25%yr Australian GDP forecast for both 2018 and 2019. It has also made clearer its view that its baseline view is that “higher interest rates are”¦likely to be appropriate at some point.” “This has been the main driver of AUD/NZD’s recovery from estimate undervaluation to be about in line with fair value. But there has also been modest support from relative commodity prices and a slight easing in US-China trade tensions.” “If this remains the case then near term AUD/NZD should consolidate gains around 1.08 but then push towards 1.10 multi-week.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD Technical Analysis: Aussie sideways moves are beginning to break down FX Street 5 years Sean Callow, Research Analyst at Westpac, points out that RBNZ governor Adrian Orr's first policy statement on 10 May provided the spark for AUD/NZD to break its ranges to the top side. Key Quotes "By declaring that the "direction of our next move is equally balanced, up or down", the RBNZ provided a clear contrast to the RBA messaging. This should persist at least for the next few months, helping AUD/NZD maintain notably higher ranges." "The RBA's message has not changed; indeed in its own quarterly statement in May, the RBA stuck to its bullish 3.25%yr Australian GDP forecast for… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
