AUDNZD testing higher timeframe resistance after RBNZ ...Middle East

It's an eye-watering move for the AUDNZD, with the pair now testing the next major resistance hurdle at 1.1030 (which is the highs from March).

The majority opted for a cautious 25bp step (but two voted for a 50bp cut), and left the door open for more easing if inflation continues to ease. The discussion of significant spare capacity and risks to consumption also underscored more downside risks to growth.

Quite surprising to see that given the recent data we've seen has not been nearly as bad as the decision makes it seem.

This article was written by Arno V Venter at investinglive.com.

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