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AUD/NZD Breaks Back Above 1.0800 On A Hawkish RBA

NZD
  • The AUD/NZD ended Friday trading up 0.45% at 1.0833, the pair broke out of recent ranges post a hawkish RBA on Tuesday.
  • The RBA kept its policy rate unchanged at 4.35% during its meeting on Tuesday, as expected. Despite holding the rate steady, the RBA delivered a hawkish message, indicating that they are not ruling out further rate hikes while expressing concern about persistent inflation. Governor Bullock confirmed that the Board discussed raising rates and dismissed the possibility of rate cuts in the near term.
  • The cross jumped above the 20 & 200-day EMA, and is currently testing the 100-day EMA, the 14-day RSI has ticked above 50, while the MACD is showing increasing green bars.
  • Looking at technicals, initial support is 1.0812 (20-day EMA), while a break of 1.0766 ( Jun 17 lows) would open a retest of 1.0700. Resistance is 1.0843 (50-day EMA) a break here would open a retest of 1.0900 (round number).
  • The AU-NZ 2Y swap is 5bp higher at -72bps.
  • Option expiries: 1.0925 ($604.12m) June 20th
  • Today the calendar is empty
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