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Antipodean Cross Finds Support Ahead Of Inflation Expectations Data

AUDNZD

AUD/NZD trades at NZ$1.1032, barely changed on the day, eyeing a re-test of the 50% Fibo retracement of its Apr 25 - May 4 rally at NZ$1.0987, which limited loses over the past two days.

  • This Fibo level may prove resilient, given yesterday's formation of a tweezer bottom, which represents a minor bullish reversal structure.
  • Yesterday's bounce off NZ$1.0987/85 area interrupted a corrective pullback from May 4 high of NZ$1.1150, which provides the initial bullish target.
  • Australia/New Zealand 2-year swap spread is creeping higher again, with eyes on the cycle peak of -0.720 printed on Monday.
  • Conversely, AUD/NZD 1-month implied volatility has extended its move away from recent cycle highs.
  • Both Australia and New Zealand will publish inflation expectations data on Thursday. Worth watching these data amid ongoing assessment of monetary policy outlook on both sides of the Tasman.
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