RBA Rate Hike Fails to Boost AUD Against NZD

The Reserve Bank of Australia (RBA) raised its cash rate by 25 basis points to 4.6%, reaching the highest level since 2011, but the Australian Dollar saw limited support due to wide anticipation and lack of hawkish guidance.

This move typically supports the AUD, but in this case, it did not have a significant impact on its value against the New Zealand Dollar (NZD). The NZD/AUD is trading at A$0.8118 with a daily move higher of 0.53%.

The pair is above its key moving averages on the hourly chart but remains below longer-term averages on the daily chart, indicating a bullish short- and medium-term bias.