#AUDNZD @ 1.07929 has retreated after a short-lived pullback to near 1.0800 ahead of Australian Inflation. (Pivot Orderbook analysis)

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• AUD/NZD has retreated after a short-lived pullback to near 1.0800 ahead of Australian Inflation.
• The RBNZ has proposed to loosen the loan-to-value ratio (LVR) restrictions as they may be unnecessarily reducing efficiency.
• RBA policymakers are expecting a further slowdown in the Australian economy, which will decelerate stubborn inflation.

The pair currently trades last at 1.07929.

The previous day high was 1.0909 while the previous day low was 1.0854. The daily 38.2% Fib levels comes at 1.0875, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0888, expected to provide resistance.

The AUD/NZD pair has sensed selling pressure after a less-confident pullback move to near 1.0800 in the Asian session. The cross is going through an immense sell-off for the past two trading sessions in hopes that the Reserve Bank of Australia (RBA) will continue to keep interest rates steady next week.

Investors will get more clarity for the monetary policy action after the release of the Australian Consumer Price Index (CPI) data. According to the estimates, quarterly inflation (Q1) has accelerated by 1.3% at a slower pace than the velocity of 1.9% recorded in the last quarter of CY2022. Annual inflation is expected to soften to 6.9% from the former release of 7.8%.

Apart from that, the monthly inflation indicator (Mar) is expected to decelerate to 6.6% from the prior release of 6.8%. Australia’s monthly CPI has softened significantly from its peak of 8.4%, recorded in December. This allowed the Reserve Bank of Australia (RBA) to pause its rate-hiking spell after pushing interest rates to 3.60%. RBA policymakers are expecting a further slowdown in the Australian economy, which will decelerate stubborn inflation.

On the New Zealand front, the Reserve Bank of New Zealand (RBNZ) has proposed to loosen the loan-to-value ratio (LVR) restrictions. RBNZ Deputy Governor and head of financial stability Christian Hawkesby cited on Wednesday, “Our assessment is that the risks to financial stability posed by high-LVR lending have reduced to a level where the current restrictions may be unnecessarily reducing efficiency. In particular, impeding the provision of credit to some otherwise creditworthy borrowers, this is not proportionate to the level of risk that we see.”

Technical Levels: Supports and Resistances

AUDNZD currently trading at 1.0789 at the time of writing. Pair opened at 1.0857 and is trading with a change of -0.63 % .

The pair is trading above its 20 Daily moving average @ 1.0763, below its 50 Daily moving average @ 1.0808 , below its 100 Daily moving average @ 1.0797 and below its 200 Daily moving average @ 1.0946

The previous day high was 1.0909 while the previous day low was 1.0854. The daily 38.2% Fib levels comes at 1.0875, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0888, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0838, 1.0819, 1.0783
• Pivot resistance is noted at 1.0893, 1.0928, 1.0948

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