May 20, 2024 22:42 GMT
AUD/NZD Test 20-Day EMA, Ahead Of RBNZ On Wednesday
NZD
- AUD/NZD finished Monday's session slightly higher, up 0.09% at 1.0922. The cross traded in a 30-pip range and twice tested 1.0940 and the 20-Day EMA. Focus will turn to the RBNZ tomorrow, where they are widely expected to keep rates on hold after they signaled in February's forecast that its cash rate would be held at 5.5% until mid 2025. The 14-day RSI is sitting below 50 at 45, while MACD indictor is steady
- Looking at technicals, the 20-day EMA at 1.0945 now becomes initial resistance, while support now sits 1.0900/05 (round number support/50-day EMA)
- The AU-NZ 2Y swap is unchanged at -69bps.
- Option expiries: 1.0900 ($100m)May 23 NY cut.
- Today, Australia May Westpac Consumer Conf at 10:30 AEST
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