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Forex pair to watch this week: AUDNZD

AUDNZD slip to a fresh monthly low of 1.0433, I expect the pair is likely to see more volatility going forward.

Forex pair to watch this week: AUDNZD

AUDNZD slip to a fresh 8-months low on Monday and the pair currently trading below 1.0440. This week's main attraction for AUDNZD, the RBNZ interest rate decision, Australia employment report, and RBA meeting minutes.

The New Zealand dollar trading steady above 0.70 on Monday ahead of the Reserve Bank of New Zealand (RBNZ) meeting. The market participants widely expect the central bank to raise interest rates by 25bp at its 18 August meeting.

Meanwhile, the Australian dollar remains under pressure amid concerns over a slowdown in the country's economic growth due to the widespread impacts of lockdowns. Australia’s second-biggest city Melbourne announced a coronavirus curfew on Monday.

AUDNZD weekly outlook

audusd

Technically, the overall movement remained bearish throughout the last couple of weeks. I expect the pair is likely to see more volatility going forward. While considering the bearish momentum, the currency pair trading near the critical demand zone on the weekly time frame. So, there may be the chance the pair can find strong buyers below this year's low 1.0420. On the flip side, the first resistance at 1.0475 any break above this level will open 1.0500/30 minimum.

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