#AUDNZD @ 1.08776 The is strung along the topside just below 1.0900 heading into Wednesday’s Aussie CPI inflation reading.

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• The AUD/NZD is strung along the topside just below 1.0900 heading into Wednesday’s Aussie CPI inflation reading.

The pair currently trades last at 1.08776.

The previous day high was 1.0848 while the previous day low was 1.0823. The daily 38.2% Fib levels comes at 1.0838, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0833, expected to provide support.

The AUD/NZD has been grinding up the chart paper with the Aussie (AUD) gaining 0.34% in Tuesday’s trading window and climbing 2.4% against the Kiwi (NZD) since hitting the last bottom of 1.0624 two weeks ago.

intraday trading has the pair catching some firm lift on the hourly candles, with prices consistently getting bolstered by technical support from the near-term 50-hour Simple Moving Average (SMA), currently huddled near 1.0852 after the AUD/NZD caught another rebound from the MA at the outset of Wednesday’s trading.

The AUD/NZD has been bound in a rough range for most of 2023, cycling the 1.0800 major handle as the pair consolidates long-term.

Australia CPI Forecast: Core inflation expected to slow in Q3

Early Wednesday sees the latest round of Consumer Price Index (CPI) inflation figures for Australia, with markets broadly expecting an uptick in the headline annualized Monthly Consumer Price Index for September, forecast to print at 5.4% versus the previous month’s 5.2%. Core inflation, meanwhile, is expected to show a minor decline, with the Reserve Bank of Australia’s (RBA) Trimmed Mean CPI for the year into 3Q expected to slow to 5% from 5.9%.

The AUD/NZD has been rotating around the 200-day SMA for the past five months, and the long-term moving average is currently settling flat just north of 1.0800.

The pair’s constrained chart patterns sees the 50-day SMA coiling around the long-run MA as the AUD/NZD struggles to develop any meaningful long-term momentum, and investors will be looking for wider deviations between the Aussie and Kiwi central bank rates to kick the pair back into trend territory.

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.0877 at the time of writing. Pair opened at 1.0839 and is trading with a change of 0.35 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.0725, 50 SMA 1.0799, 100 SMA @ 1.0833 and 200 SMA @ 1.0818.

The previous day high was 1.0848 while the previous day low was 1.0823. The daily 38.2% Fib levels comes at 1.0838, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0833, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0826, 1.0812, 1.0801
• Pivot resistance is noted at 1.085, 1.0861, 1.0874

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