Australia, New Zealand dollars slip as Nvidia test looms

SYDNEY, Nov 19 (Reuters) - The Australian and New Zealand dollars fell on Wednesday amid investor caution ahead of results from artificial intelligence bellwether Nvidia that are likely to have an outsized impact on global risk sentiment.

The Aussie AUD=D3 declined 0.3% to $0.6491 to reverse a small gain from overnight. It has been unable to hold above 65 cents, which is the near-term resistance, while enjoying support at $0.6460.

The kiwi dollar NZD=D3 dropped 0.4% to $0.5634, the lowest level in a week. It faces resistance at the recent high of $0.5690, while support is at $0.5606.

The two Antipodean currencies are often traded as proxies for risk due to their reliance on commodity exports that are tied to global growth.

Investor sentiment has been shaky this week in anticipation of an earnings update from chip titan Nvidia NVDA.O, which was at the heart of a rally that has carried stock markets around the world to record highs.

Down Under, data showed Australian wages rose at a steady pace in the third quarter, in line with expectations. That came as a relief for investors who had worried about a pickup in wage pressures after a solid jobs report suggested the labour market remained tight.

Three-year government bond futures YTTc1 rose 2 ticks to 96.25, while swaps imply a 56% probability that the Reserve Bank of Australia could cut one final time in May next year.

"The trends in the private sector should give the RBA a little comfort that labour costs are still easing," said Ashwin Clarke, an economist at the Commonwealth Bank of Australia.

"However, we generally see the speed limit of the Australian economy being reached in coming quarters, which could limit the extent of further easing in wages from here."

The Aussie edged 0.2% higher against the kiwi to NZ$1.1522 AUDNZD=R, crossing back above the key NZ$1.15 level.

Across the Tasman Sea, data showed New Zealand's producer prices rose in the third quarter, although at a slower pace.

Swaps imply a quarter-point rate cut from the Reserve Bank of New Zealand next Wednesday is fully priced in, with a split chance for another cut next year.