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AUD/NZD Back At Cycle Highs Ahead Of RBA Meeting

NZD
  • AUD/NZD traded higher on Monday, up 0.21% to 1.1022. The cross now traded back near cycle highs, after early Monday briefly trading below 1.100. We continue to trade above all major EMAs, with the 14-day RSI back in overbought territory at 71, the MACD in neutral. Initial resistance is 1.1028 (May 2 high), while initial support is 1.0959 (20-day EMA).
  • MNI RBA Preview - May 2024: Prolonged Hold While Inflation “Sticky” - (See link)
  • The AU-NZ 2Y swap is up 1.5bps at -58.50bps, we are now at yearly highs.
  • Option expiries: 1.1025 (199.55m) while notable upcoming strikes are 1.105 ($199.1m May 8), 1.1075 (307m May 9), 1.100 ($609.08m May 9)
  • Looking ahead: NZ N.Z. Government 9-Month Financial Statements at 8.00am, Australia 1Q Retail Sales Ex Inflation at 11:30am and RBA Rate Decision & Monetary Statement at 2.30pm AEST

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