• AUD/NZD underpinned by hawkish RBA cut

• RBA cuts 25bps, but rhetoric remains cautious

• Meanwhile, RBNZ is f/c to cut 50bps - widening rate differentials

• However, AUD/NZD nears key resistance at 1.1150-80

• Break above can embolden bulls to push for 1.13

• But a false break (failure to close above) would likely mark a turning point

• Thus provide a warning signal for bulls

• FX options - NZD expectations as big RBNZ rate cut looms
audnzd daily chart

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