• AUD/NZD (-0.15%) nudges lower but weakness is contained with no key levels giving way

• Rejection at 1.22 is notable, though the cross has held above the 55-day MAs (1.1960)

• This is key given that they have been guide the cross higher

• Rate differentials have not made a decisive move lower - keeps fundamental backdrop supportive

• In turn, upside bias stays intact with 1.22 the obvious topside target

• With AU CPI ahead and another RBA hike still live, bar is high for a sustainable AUD/NZD pullback

• Path of least resistance still leans higher into the RBA decision
AUDNZD daily chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))