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AUD/NZD Struggles To Break Above 1.1100

NZD
  • The AUD/NZD finished the Thursday session little changed, down just 0.05% at 1.1089. Outside of NZ data this morning, China's trade balance data will be closely watched.
  • Key levels to watch: Initial support lays at 1.0992 (July 10 lows) a break back below here would open a move to 1.0967 (20-day EMA). While to the upside a break above 1.1100 (round number) would open a move to 1.1174 (June 2022 highs)
  • The AU-NZ 2yr swap is 3bp higher at -18bps
  • Expiries: 1.106 (374.3m) & 1.110 ($372.95m) & 1.121 ($369.29m) July 12th. Upcoming notable strikes include; 1.0925 ($500m), 1.077 ($300m) for July 15, 1.0950 ($496.58m) July 16th
  • Today, China will release Trade Balance data at some point throughout the day.
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