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AUD/NZD Edges Higher, Trades Back Above 200-Day EMA

NZD
  • The AUD/NZD rallied 0.67% on Monday, testing 1.0900 before closing the session at 1.0898 and just above the 200-day EMA. The cross now trades up 0.90% from the recent lows made on August 29th of 1.0800, indicating strong support at the level.
  • Initial support remains at 1.0800 below here the June lows of 1.0733 is the next major support. To the upside initial resistance is 1.0925/27 (20 & 100-day EMA), while the 50-day EMA sits just above at 1.0948.
  • RBA dated OIS is pricing continues to cool heading into year-end with just 16bps of cuts now priced in, while the Feb pricing cool 2bps to 30.5bps.
  • The AU-NZ 2yr swap spread rose 2bps on Thursday to -9bps.
  • Expiries: 1.0985 ($220m) Sept 4 & 1.1000 ($200m) Sept 5
  • Today, BoP Current Account Balance at 1130 AEST / 0930 HKT
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