July 07, 2024 22:10 GMT
AUD/NZD Fails To Hold above 1.100
NZD
- The AUD/NZD ended a five day run of positive returns on Friday, finishing the sessions down 0.13%
- The cross spent half the session trading back above 1.1000, but sold off as Europe & US session got underway, before closing at 1.0982. We have opened inline with closing levels at 1.0980.
- Focus will be on the RBNZ Wednesday, while in Australia we have WBC Consumer Confidence tomorrow and China CPI will also be closely watched.
- Key levels to watch: Initial support lays at 1.0914 (20-day EMA) a break here would open a move to 1.0884 (50-day EMA). While a break back above Friday's highs of 1.1011 would open a move to the yearly highs at 1.1031 (May 7)
- The AU-NZ 2yr swap continues to grind higher, up 3bp at -42bps
- Expiries: 1.0950 (200.92m), 1.0870 (240m), 1.0740 (140m) for July 7th NY Cut. Upcoming notable strikes include; 1.0770 (204.28m) & 1,0870 ($147.19m)
- Today, the calendar in the region is light.
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