• AUD/NZD bias remains constructive, despite recent price action stalling ahead of the 1.23 handle

• Trend structure intact, with spot holding above the 100-day MA cluster that has underpinned the move

• Cycle high at 1.2284 remains the immediate topside focus

• Near-term macro catalyst: RBNZ policy decision (Wed)

• Risk skew tilted dovish, with recent oil price correction reducing pressure to tighten

• Policy guidance likely to pivot toward data dependency, stepping back from a firm hiking bias

• This poses downside risks for NZD near-term

• AUD/NZD upside remains open, with scope to break and extend through cycle highs if dovish repricing materialises
AUDNZD daily chart


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