- 50-day and 200-day SMA confine trade momentum.
- RBA details waited for fresh direction.
Even if Australia’s retail sales data disappoints Aussie buyers, the AUD/NZD pair remains clubbed between the key moving averages as it takes the rounds near 1.05800 during early Tuesday.
Australia’s April month retail sales lagged much behind 0.2% market consensus to -0.1% while first-quarter current account slipped beneath -2.5 billion expectations to -2.9 billion mark. Traders may now look forward to the Reserve Bank of Australia’s (RBA) monetary policy meeting wherein the central bank is expected to announce a 0.25% rate cut.
Failure to decline below the 50-day simple moving average (SMA) can propel prices to 1.0600 while 1.0620/30 comprising 200-day SMA and 23.6% Fibonacci retracement of March – April upside can question buyers afterward.
Given the quote rises above 1.0630, 1.0670 and 1.0720 may halt the upside towards April tops near 1.0735.
On the contrary, the pair’s sustained downturn below 50-day SMA level of 1.0575 highlights the importance of 1.0540 and latest low surrounding 1.0520.
Also, 1.0500 and 61.8% Fibonacci retracement near 1.0450 might stop bears targeting 1.0370 and March month low around 1.0275.
AUD/NZD daily chart
Trend: Sideways to negative
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