- AUD/NZD is seeing extended declines, continuing Wednesday’s backslide.
- Aussie is reaching lower against the Kiwi, down 0.95% for the week.
- Australian PMI figures came in mixed with manufacturing seeing further declines.
The AUD/NZD has broken out of recent consolidation on the weak side, and the pair shrugged off a mixed trade balance printing from New Zealand (NZ) as markets focus on weakened manufacturing figures from the Australian Purchasing Manager Index (PMI) printing.
Read more:
Australia: S&P Global Manufacturing PMI drops to 48.2, Services PMI improves to 50.5 in September
New Zealand Trade Balance came in mixed for August, NZD/USD remains flat above 0.5900
Australian PMI figures came in mixed, with the services component seeing a minor bump into 50.5 from 47.8, but weak spots in the manufacturing component are keeping the Aussie (AUD) on the weak side, with the Manufacturing PMI declining further to 48.2 from 49.6.
AUD/NZD technical outlook
The Aussie-Kiwi pair has tumbled into the 200-day Simple Moving Average currently capping off prices near 1.0820.
Continued declines will see the pair testing August’s early lows near 1.0720, while a bullish recovery will see the AUD/NZD challenging the recent swing high into 1.0920.
AUD/NZD daily chart
AUD/NZD technical outlook
Source: https://www.fxstreet.com/news/aud-nzd-slips-into-new-lows-aiming-for-10800-aussie-manufacturing-pmi-slides-202309212316