- AUD / NZD records the biggest gains in five weeks.
- RBNZ’s Orr shows its willingness to do whatever it takes, Bascand has reported negative rates.
- The April summit paves the way for a new climb to the highest in November 2019.
AUD / NZD extends RBNZ-induced gains to 1.0753, up 0.95% on a day, after Governor Adrian Orr and decision maker Bascand adopted an accommodating tone on Wednesday morning.
Although the event-based hike is likely to stay on the cards, buyers will seek a daily close beyond the April high of 1.0754 to target a November 2019 high close to 1.0880. .
It should also be noted that sellers are less likely to enter unless the price falls below the 21-day SMA level of 1.0625.
In doing so, a confluence of SMA 200 days and 61.8% Fibonacci the retracement level from November 2019 to March 2020 fall, around 1.0530 / 15, will be the key to watch.
AUD / NZD daily chart