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AUD/NZD Edges Higher, Remains Rangebound Ahead Of AU Employment Data

NZD
  • The AUD/NZD ended Wednesday trading up 0.18% at 1.0774, and remains rangebound between 1.0750-1.0800.
  • The cross continues to trade well below all moving averages, although still holds just above last weeks lows of 1.0735, the 14-day RSI has ticked higher to 38, while the MACD is now neutral.
  • 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 1.0815 (20-day EMA)
  • The AU-NZ 2Y swap is 2bps higher at -77.5bps.
  • Option expiries: 1.0900 ($486.22m) For June 12 NY Cut
  • Today the focus will be on Australian Employment Data at 11.30am AEST
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