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AUD/NZD Double Whammied into Bearish Continuation
The 4/23 and 4/24 sessions had two key movers for the AUD/NZD. The first was the AUS inflation data for Q1, which was not low enough to be of concern (CPI growth was 2.9% on the year and 0.6% in Q1). However, trader’s used it to cool off the hot AUD, which translated into a break below a rising trendline in the AUD/NZD, as you can see in the 4H chart. The RBNZ raised the key interest rate as expected from 2.75% to 3.0%, and was hawkish on the prospect of continuing inflationary pressure. These two event risks worked to put AUD/NZD in a bearish continuation mode. The thing about the bearish outlook is that after the ... (full story)