ANZ: we expect the RBA to stay on hold this week; AUD/NZD tactical trading strategy

<p>Australia and New Zealand Banking Group (ANZ) has
put forth their perspective on the upcoming RBA decision and its
implications for the AUD/NZD pair:</p><p>Key Takeaways:</p><ol><li><p>RBA's Expected Decision: ANZ predicts that the
Reserve Bank of Australia (RBA) will opt to maintain the current rate
levels during its meeting on Tuesday.</p></li><li><p>Impact on AUD: The potential decision of the RBA to
pause and not change rates this week is not expected to have significant
ramifications for the Australian Dollar. Instead, the currency's
movement will be influenced predominantly by global dynamics.</p></li><li><p>NZ Labour Data and NZD: While labour statistics from
New Zealand are set to be released this week, ANZ believes that global
factors will be the primary determinants of the New Zealand Dollar's
trajectory.</p></li><li><p>AUD/NZD Strategy: The bank observes that the AUD/NZD
currency pair is likely to remain within its existing range. As a
strategic move, ANZ recommends waiting for the pair to dip to a rate of
1.07 before making a decision to buy into AUD/NZD.</p></li></ol><p>Summary:</p><p>ANZ anticipates the RBA to maintain the status quo in its upcoming
decision, which won't notably influence the AUD. While New Zealand's
labor data is due for release, it's the global factors that will chiefly
drive the NZD. When it comes to the AUD/NZD pair, ANZ's strategy is to
wait for a favorable rate of 1.07 prior to purchasing.</p><p>For bank trade ideas, <a href="https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD" rel="nofollow" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD&amp;source=gmail&amp;ust=1690911680961000&amp;usg=AOvVaw20ws6vH1QE6E8dHjW-V4hm">check out eFX Plus</a>. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. <a href="https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD" rel="nofollow" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://plus.efxdata.com/ad/track/4655172E54F06040571CD0AB083845AD&amp;source=gmail&amp;ust=1690911680961000&amp;usg=AOvVaw20ws6vH1QE6E8dHjW-V4hm">Get it here</a>.

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This article was written by Adam Button at www.forexlive.com.