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AUD/NZD Closes Below 1.900 After Hawkish RBNZ

NZD
  • AUD/NZD finished Tuesday's session down 0.76% at 1.0860. The cross continued to trade lower after the hawkish RBNZ meeting, we broke through the 50-day EMA and are now testing initial support at 1.0856 (100-day EMA). The 14-day RSI dropped below 50 to 36, while MACD indictor is showing increasing red bars.
  • Looking at technicals, initial resistance is 1.0902 (50-day EMA), while support now sits 1.00856 (100-day EMA), a break here would see us test the 200-day EMA at 1.0831.
  • The AU-NZ 2Y swap is 10bps lower at -76bps.
  • Option expiries: 1.0900 ($200m) May 22 NY cut, upcoming notable strikes include 1.1000 ($100m) May 24, 1.0825 ($101.62m) May 24.
  • Today, NZ Retail Sales Ex Inflation at 08:45 & AU Judo Bank PMI at 09:00 AEST
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