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AUD/NZD clears daily losses and eye ANZ data

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AUDNZD,Crosses

The AUD/NZD is currently trading with slight gains, as market participants digest recent figures from Australia and look forward to ANZ data from New Zealand.

AUD/NZD cleareddaily losses, reaching 1.0852 during Tuesday's session despite soft Australian data. Following weak Australian data, the markets anticipate dovish moves from the RBA which may weigh on the Aussie. Investors await New Zealand's May ANZ business survey, which could impact the expectations on the next RBNZ policies. In Australia, Retail sales for April came in slightly under expectations at 0.1% MoM, following a 0.4% decline in March.

AUD/NZD technical analysis On the daily chart, the Relative Strength Index maintains its position in negative territory. This is fortified by thered bars of the Moving Average Convergence Divergence histogram, confirming a continued downward momentum. AUD/NZD daily chart Nevertheless, the pair trades above its 100- and 200-day Simple Moving Averages , suggesting a medium-to-long uptrend. However, with the AUD/NZD standingbelow the 20-day SMA, it highlights a dominance for the short-term.

 

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