Daily Market Analysis 25.05.2023: AUDNZD

Instrument: AUDNZD

Technical Analysis

Bullish Preference: 
A buy position is envisaged if the price trades above 1.07670 with take profit at 1.08062
Bearish Preference: 
A sell position is envisaged if the price trades below 1.07198 with take profit at 1.06739
None with High Impact

The Reserve Bank of New Zealand hiked interest rates as expected during the week and said that rates will remain higher for longer given stubborn inflation, although local economic growth is likely to suffer as a result of monetary tightening. The Australian dollar shed 0.2%, also coming under pressure from its high trade exposure to China. This is solely because Australia is one of the biggest trade partner with China.

Analysis: SCRUM Team

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