AUD/NZD Signal - NZD Manufacturing Sales - 8 Sep 2021

AUDNZD is trending to the downside prior to the NZD Manufacturing sales data, which are changes in the volume of the physical output of the nation's factories, mines and utilities. Technically the pair has broken a key support pivot and is now capped by the pivot as resistance, and the RSI is holding at negative levels. We are targeting the 161.8% fibonacci extension at the 1.0340 level.

The RBA has announced rate hikes are not likely until 2024, whereas the RBNZ expects to hike rates later this year.

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