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AUD/NZD Again Fails To Hold Above 1.0900

NZD
  • AUD/NZD was little changed on Monday, as the cross flirts with the 1.0900 level, we finished the session at 1.0896 where we trade early Tuesday. Ranges remained tight post the open on Monday trading in a 20-pip range. The pair continues to hold above the 20-day EMA of 1.0885, the 14-day RSI has ticked lower, however still holds above 50 at 56, while the MACD is showing a increase in red bars, signaling a protentional turnaround
  • Key technical levels to watch: Initial support is 1.0861 (Apr 17 low), a break here would open a move to 1.0829 (50-day EMA). A move back above 1.0900 would open a retest of 1.0920 (Apr 15/16 highs), and above here a would signal a move to recent cycle highs of 1.0958 (Apr 8 high)
  • The AU-NZ 2Y swap is 1bps lower at -91bps.
  • Upcoming expiries: 1.0880 ($202.2m), 1.0825 ($593.42) Apr 23th NY cut
  • Looking ahead: AU CPI & NZ Trade Balance on Wednesday
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