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AUD/NZD Break 1.0800 Ahead Of AU GDP Today

NZD
  • AUD/NZD finished Tuesday's session down 0.35% at 1.0764. The cross is now off 2.40% from cycle highs, and broke resistance of 1.0800, we now trade below all moving averages while the14-day RSI is now in oversold territory at 30 the MACD indictor is showing increasing red bars.
  • Looking at technicals, initial support 1.0755 (June 5 low) a break here could see us tests 1.0700 (round number support). A break back above 1.0800 would see us look to test 1.0811 (200-day EMA).
  • The AU-NZ 2Y swap is 3bps lower at -78bps.
  • Option expiries: no nearby strikes today, notable upcoming strikes include 1.0880 ($402.21m, June 6), 1.0720 ($202.61m, June 6), 1.0400 ($390m, June 6)
  • Today, Australia has May Judo Bank PMIs, RBA's Bullock-Testimony & GDP, while China Caixin PMIs will also be a focus.
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