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AUD/NZD Edges higher,  AU On Public Holiday

NZD
  • The AUD/NZD edged higher throughout the Friday session, the cross bounced about 30pips to 1.0781 and has opened the week in line.
  • The cross continues to trade well below all moving averages although it did bounce off 1.0735, the 14-day RSI has ticked higher after being in oversold territory on Thursday and is now at 38, while the MACD is showing a decrease in red bars, indicating a potential reversal.
  • Looking at technicals, initial support is 1.0735 (Jun 6 lows) a break below here would open a retest of 1.0700 (Round Number support). Initial resistance is 1.0800 (round number resistance), a break here would then target a move to 1.0829 (200-day EMA)
  • The AU-NZ 2Y swap is 2bps higher at -78bps.
  • Option expiries: nothing today, notable upcoming strikes include; 1.0900 ($686.22m) June 12
  • Today, calendar is empty.
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