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AUD/NZD loses key levels on quiet Monday, focus on Australian GDP data

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Crosses,Currencies,Newzealand

The AUD/NZD echoed a bearish technical outlook on Monday, falling below key levels towards 1.0805 as markets await mid-tier data from both nations on a quiet economic schedule at the beginning of the week.

On Monday, the AUD/NZD dipped below key technical levels, with the 100 and 200-day SMAs breached. Current focus is on GDP data from Australia, expected to remain steady. New Zealand’s manufacturing activity Q1 data on Friday will be closely watched. In Australia, markets will anticipate Wednesday's Gross Domestic Product data. A steady growth of 0.2% QoQ is expected, while a 1.2% YoY rate is projected, a slight dip compared to the Q4 YoY rate of 1.5%.

On the other hand, New Zealand will focus on releasing its Q1 manufacturing activity data on Friday. Should the manufacturing output reflect the same upward trend, it might further slow the Reserve Bank of New Zealand’s RBNZ's rate cuts. The market now forecasts a 75% probability of the first cut happening as late as November. AUD/NZD technical analysis Technical indicators have turned bearish. On Monday, sellers oversaw the breaching of the 100 and 200-day Simple Moving Averages .

 

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