NZD/USD gains on AUD/USD rally after hawkish RBA stance
NZD/USD is trading 0.4% higher at 0.5835, benefiting from strength in AUD/USD which surged following the Reserve Bank of Australia's hawkish policy decision. The RBA maintained its cash rate at 4.35% but shifted to a more aggressive tone on inflation concerns, boosting risk sentiment across commodity currencies. The kiwi's advance has been choppy during US trading hours, encountering resistance near 0.5850. Technical indicators show the pair testing its 50-day moving average at 0.5840, with immediate support at 0.5810. The correlation between AUD/USD and NZD/USD remains strong at 0.85, suggesting further gains are possible if the aussie maintains momentum. Traders are monitoring upcoming New Zealand Q3 GDP data and any spillover effects from RBA's stance on RBNZ policy expectations. A sustained break above 0.5850 could target the November high at 0.5880.
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