The AUD/NZD continued its bearish trajectory on Wednesday, declining to its lowest level since March, registered at around 1.0740 amid the newly released Australian Gross Domestic Product (GDP) Q1 data.
On Wednesday, the AUD/NZD dropped significantly, reaching its lowest level since March around 1.0740. Australia n Q1 GDP growth was reported slightly below expectations, signaling a slowdown in the economy. The RBA is set to keep an eye on inflation, which might be the primary focus for monetary policy decisions. The AUD/NZD continued its bearish trajectory on Wednesday, declining to its lowest level since March, registered at around 1.
While tightening monetary policy was a point of discussion in the last meeting, investors took those off the table those odds and for the next meeting in June are just seeing around 30% odds of a cut. AUD/NZD technical analysis The technical outlook has further deepened into bearish territory. However, the daily Relative Strength Index showed oversold conditions, indicating a potential upward correction may be on the horizon.
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