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FXStreet (Guatemala) - AUD/NZD is currently trading at 1.0077 with a high of 1.0090 and a low of 1.0074.
There has been some two way business in the cross, although the bears were in control in an extension of last week's downside from 1.0220 territory, on course to track down the lows from earlier this month at 1.0021 and move through parity. However, we had good jobs data from the Australian economy recently, allowing the bulls room to breath which rescued the cross on the basis that the market started to back away from the idea of a rate hike as early as next month, allowing the bulls more time on above the psychological parity level.
Later today, we will indeed have the minutes of the RBA's last meeting released where we will be looking for clues in respect of timings and indeed what their intentions would be in respect of data improvements and with some intent, a dovish set of minutes may be the catalyst to take the cross through 1.0000.
Jane Foley, Senior Currency Strategist at Rabobank recently explained that they maintain their view that AUD/NZD will trend lower and test parity and she favours selling rallies towards 1.03. "A break above AUD/NZD 1.05 would confirm a reversal in the downtrend."