AUD/NZD Sheds Gains After RBA Announcement, Remains Above Key Support
The AUD/NZD cross attracts fresh sellers after an uptick to the 1.1000 psychological mark and declines to a new daily low following the RBA’s recent policy announcement. Spot prices currently trade around mid-1.0900s but manage to retain support above the crucial 200-day Simple Moving Average (SMA). Traders should closely observe how market reactions evolve and whether further declines are on the horizon. The importance of the 200-day SMA as a critical support level cannot be understated. Future trading movements will hinge on ongoing economic data and central bank strategies as they unfold.
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