#AUDNZD @ 1.11545 is juggling around 1.1150 as investors await Australian GDP numbers. (Pivot Orderbook analysis)

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• AUD/NZD is juggling around 1.1150 as investors await Australian GDP numbers.
• A significant improvement is expected in GDP numbers despite soaring price pressures.
• Australian OCR has elevated to 2.85% after the RBA announced the fourth 50 bps rate hike.

The pair currently trades last at 1.11545.

The previous day high was 1.1169 while the previous day low was 1.1122. The daily 38.2% Fib levels comes at 1.1151, expected to provide support. Similarly, the daily 61.8% fib level is at 1.114, expected to provide support.

The AUD/NZD pair is displaying a lackluster performance as investors are awaiting the release of the Australian Gross Domestic Product (GDP) data. The asset is oscillating in a narrow range of 1.1140-1.1160 and is likely to continue a subpar performance ahead.

On Tuesday, the cross remained in a topsy-turvy mode despite the announcement of a 50 basis point (bps) interest rate hike by the Reserve Bank of Australia (RBA). RBA Governor Philip Lowe announced a fourth consecutive rate hike by 50 basis points (bps). Australia’s Official Cash Rate (OCR) now stands at 2.35%.

According to RBAWatch, markets are wagering rates could peak around 3.85% next year. Also, the inflation rate, which is currently at 6.1%, recorded for the second quarter of CY2022 is likely to top 7% by Christmas. Led by soaring price pressures, households are forced to make higher payouts despite an unchanged consumption pattern and operating margins for corporate have trimmed sharply due to inflation-adjusted inputs. Also, the corporate has failed to pass on the impact of higher input prices to the end consumers.

As per the consensus, the Australian economy will grow by 1% on a quarterly basis vs. 0.8% recorded in the prior quarter. Also, the yearly data is expected to improve to 3.5% vs. 3.3% recorded earlier. A higher-than-expected growth rate will strengthen the aussie dollar against kiwi.

This week, a light economic calendar will hold the tier-2 data responsible for guiding the kiwi dollar. Investors’ focus will remain on the Electronic Card Retail Sales data. A higher print will strengthen kiwi against aussie. Earlier, the economic data landed at -0.5% and -0.2% on a yearly and monthly basis.

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.1152 at the time of writing. Pair opened at 1.1152 and is trading with a change of 0.0 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.1125, 50 SMA 1.1094, 100 SMA @ 1.1053 and 200 SMA @ 1.0871.

The previous day high was 1.1169 while the previous day low was 1.1122. The daily 38.2% Fib levels comes at 1.1151, expected to provide support. Similarly, the daily 61.8% fib level is at 1.114, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.1126, 1.11, 1.1078
• Pivot resistance is noted at 1.1173, 1.1195, 1.122

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