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This week, ANZ Bank has provided its perspective on the currency pairs AUD/NZD and USD/JPY.
ANZ predicts that the NZD will probably continue to trade within a specific price range for the upcoming week when compared to the AUD/NZD pair. The bank advises adopting a “buy on dips” strategy for this pair. Nevertheless, ANZ mentioned that as the market anticipates the RBA’s cash rate to eventually exceed 4.6%, there is less chance for success in a relative trade between the RBA and RBNZ.
ANZ has predicted that the recent rises made by the USD/JPY pair may be counteracted in the near future, following the reduced effects of volatility caused by the Bank of Japan and the Federal Open Market Committee meetings. ANZ suggests that a decrease in U.S. yields will have an impact on the decline of the USD/JPY pair.
Market participants are recommended to vigilantly observe changes in the market and act prudently when implementing their trading techniques.
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