FxWirePro: AUD/NZD spikes over 1% to hit 6-month high after RBNZ rate decision, outlook bullish

AUD/NZD chart - Trading View 

AUD/NZD spiked over 1% to hit 6-month highs at 1.0768 before paring some gains to trade at 1.0754, up 1.01% at 04:20 GMT.

Kiwi slumped across the board after the Reserve Bank of New Zealand (RBNZ) held rates at 0.25% and announced additional stimulus measures.

The central bank expanded the quantitative easing (QE) programme to NZD60 billion from $30 billion and left the door open for negative rates.

Further, dovish comments from RBNZ Governor Adrian Orr and policymaker Bascand keep pressure on the kiwi.

Focus now on the key Aussie unemployment data due for release on Thursday at 01:30 GMT for further impetus.

AUD/NZD has tested 88.6% Fib and is on track for further gains. Price action has shown a break above 200W MA and rising volatility on the weekly charts likely to take the pair higher.

Bulls eye 2019 high at 1.08655. Hurdle on the way lies at Upper Bollinger band (monthly) at 1.0852.