AUD/NZD Price Analysis: Aussie tumbles against the Kiwi in its worst down day since April, down 0.75%

• The Aussie has tumbled out of recent consolidation against the Kiwi, closing the gap on 1.0700.
• A hawkish RBNZ is driving the Kiwi higher, sending the AUD/NZD pair back down.
• The Aussie is down three-quarters of a percent against the Kiwi into 1.0750, a five-week low.

The AUD/NZD has declined three-quarters of a percent on Wednesday, heading into the trading day’s close near 1.0750 after backsliding nearly 1.3% peak-to-trough from the day’s peak at 1.0861.

Fueled by a rapid rebalance sparked by a hawkish Reserve Bank of New Zealand (RBNZ), the pair has undergone a dramatic rebalance, shattering the intraday trading pattern and dragging the AUD/NZD out of recent consolidation and into its lowest bids in five weeks.

The Aussie (AUD) has slid straight through the 50- and 200-day Simple Moving Averages (SMA) near the 1.0800 handle, shedding weight against the Kiwi (NZD) to trade on the south side of the last swing low of 1.0780 on the daily candlesticks.

The AUD/NZD is now running directly into a technical support level at 1.0750 that has become familiar in 2023’s back-and-forth momentum swings in the pair, but October’s swing low into 1.0625 has destabilized the technical level somewhat.

On the top end, November’s peak bids just shy of 1.0950 will be the ultimate ceiling on any long-term bullish momentum, while the last swing high into 1.0875 will be the immediate target for bulls to beat.

AUD/NZD Hourly Chart

AUD/NZD Daily Chart