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AUD/NZD Marks 5 Sessions Of Losses, Breaks Below 100-Day EMA

NZD
  • The AUD/NZD has traded lower for the fifth straight session, slipping 0.26% to session lows of 1.0925 and now trades 00.87% lower for the week. Iron ore could have weighed on the AUD overnight, falling 1.15% although this is on the back of three days of gains
  • The cross broke below the 100-day EMA on Thursday with the 200-day EMA now the next key support, the 14-Day RSI ticked lower to 42, while the MACD is printing increasing red bars. Initial support is at 1.0889 (200-day EMA), a break here would open a move to 1.0844 (Aug lows) while to the upside 1.0975 area (20 & 50-Day EMAs) are major resistance levels.
  • RBA dated OIS is pricing in little chance of a cut over the next two meetings, is is 2bps softer heading into the December meeting with 23bps of cuts priced in now.
  • The AU-NZ 2yr swap spread was little changed on Thursday, holding steady at -10bps.
  • Expiries: 1.1125 ($197.75m) for Aug 23rd NY cut,
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