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AUD/NZD Fails To Break 1.0700, Consolidates Ahead of AU GDP On Wednesday

NZD
  • AUD/NZD has remained range bound trading within a 10pip range, and hasn't looked like testing the 1.0700 resistance, with any further moves to break the level potentially limited today with $420m Puts with a strike of 1.0700 expiring at the NY cut.
  • Key technical levels to watch initial resistance at 1.0700 (Feb 16 Highs), above here 1.0740 (Feb 7 Highs). While to the downside 1.0650 (Feb 29 lows) break would open up a retest of 1.0600 (Feb 28 and pre RBNZ levels)
  • Earlier Judo Bank Australia PMI composite came in at 52.1 vs 51.8 prior, while PMI services were 53.1 vs 52.8 and BoP Current Account Balance A$11.8b vs A$5.0b expected
  • Looking ahead: AU GDP data at 11.30 AEST on Tuesday

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