The AUD/NZD cross initially surged to 1.2120, its highest since May 2013, following the Reserve Bank of Australia's (RBA) interest rate decision. However, the pair has since trimmed gains as traders reacted to a split vote among RBA board members on the rate hike. The central bank maintained the cash rate at 4.35% but announced a split decision, with some members favoring a pause in tightening. This uncertainty has dampened bullish momentum in the cross. The mixed RBA outcome has created ambiguity for AUD bulls. While the rate hike itself was expected, the lack of consensus among policymakers signals potential policy pauses in the near term. This could weigh on the Australian dollar's strength against the New Zealand dollar, which is also influenced by the Reserve Bank of New Zealand's (RBNZ) tightening cycle. Traders are now assessing whether the RBA's dovish tilt will lead to a shift in monetary policy. For forex markets, the focus will shift to upcoming RBA meetings and inflation data for clues on future rate path. The AUD/NZD cross remains vulnerable to volatility if the RBA signals a pause in tightening. Investors should monitor the RBNZ's policy trajectory and global risk appetite, which could drive divergent movements between the two currencies. Key support for AUD/NZD is at 1.2050, with resistance at 1.2200.
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