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AUD/NZD Tests 20-Day EMA Support

NZD
  • AUD/NZD was little changed on Friday, the cross tested support at 1.0960 (20-day EMA) before finishing the session at 1.0970, early Monday we trade up 0.08% at 1.0975. The 14-day RSI holds steady above 50 at 55, while the MACD indictor is neutral. A break below the 20-day EMA at 1.0960 would be needed to see a directional changed with 1.0900 (round number support/50-day EMA) the next support zone, while initial resistance is 1.1031 (May 7 high),
  • The AU-NZ 2Y swap is up 2bps at -65bps.
  • Option expiries: 1.0950 ($200.46m), 1.1100 (153.15m) May 13 NY cut.
  • Looking ahead: NZ Performance Services Index, Food Prices & 2Yr Inflation Expectation and AU NAB Business Surveys

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