RBNZ cut rates by 25 basis points to 1.5% today. The interest rates in Australia and New Zealand are now at par. The AUD/NZD pair could witness an inverse head-and-shoulders breakout in the next few days. With the Reserve Bank of New Zealand’s (RBNZ) decision to cut rates by 25 basis points to 1.5%, the NZD no longer has the yield advantage over the Aussie dollar. As a result, the AUD/NZD pair could rise above 1.0750 in the next few days, confirming an inverse head-and-shoulders breakout or a bearish-to-bullish trend change on the daily chart. As of writing, the pair is trading at 1.0670, having hit a high of 1.07235 earlier today. The 14-day relative strength index (RSI) has bounced up strongly from 50.00 in favor of the bulls. Technically speaking, the bullish case would weaken if the spot finds acceptance under 1.05280 (May 6 low). Also, the breakout may remain elusive China trade data, due later today, disappoints expectations, weakening the bid tone around the AUD, a proxy for China. Daily chart Trend: Bullish above 1.0750 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 Blockchain Transaction Overpowers PayPal Transactions FX Street 3 years RBNZ cut rates by 25 basis points to 1.5% today. The interest rates in Australia and New Zealand are now at par. The AUD/NZD pair could witness an inverse head-and-shoulders breakout in the next few days. With the Reserve Bank of New Zealand's (RBNZ) decision to cut rates by 25 basis points to 1.5%, the NZD no longer has the yield advantage over the Aussie dollar. As a result, the AUD/NZD pair could rise above 1.0750 in the next few days, confirming an inverse head-and-shoulders breakout or a bearish-to-bullish trend change on the daily chart. As of writing,… 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.
