- The Aussie falls sharply across the board on expectations of the RBA rate cut.
- AUD / NZD finds support around 1.0700 and bounces to 1.0740.
The AUD / NZD is falling for the fifth day in a row. It accelerated during the Asian session on rising expectations of rate cuts from the Reserve Bank of Australia (RBA). It fell to a low of 1.0700, the lowest since late July.
The area around 1.0700 limited the downside. A firm break to the downside would clear the way for further losses, with an immediate target at 1.0665 and then 1.0645. A daily close below 1.0730 would likely lead to another test of 1.0700.
After falling for five days in a row, the AUD / NZD begins to stop its decline. If the current bounce remains above 1.0740, a recovery in the Australian dollar seems likely. The next strong resistance is at 1.0770.
Daily chart
Credits: Forex Street
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