Chart of the day - AUDNZD (04.05.2021)

AUDNZD is continuing an upward move launched after a test of the 1.0725 area last week. A mix of support can be found in that area – 200-session moving average, lower limit of the upward channel and 50% retracement of the downward move started in August 2020. The pair has reached the first major resistance – 1.080 area marked with previous price reactions and 61.8% Fibonacci retracement.

Reserve Bank of Australia has left interest rates and other monetary policy settings unchanged during today’s meeting. RBA hinted that a decision on the third round of bond purchases will be made during a meeting in July. While the situation on the Australian jobs market is improving quickly, inflation pressures within the Australian economy remain subdued.