RBA vs RBNZ
AUDNZD longs look good this morning. The employment data out last night for the NZD was on the soft side and chances of a rate cut have now increased to 68.4% pressuring the NZD.
The latest RBA statement indicated that the RBA was more in a wait and see mode. snd the chances of a December rate cut are now down to just 16.6%,
This opens up a divergence in direction between the RBA and RBNZ. Therefore, I am expecting buyers at the 50% fib pullback of the latest AUDNZD up leg. See here:
