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AUDNZD: AUD/NZD Break Out Of Recent Range, Eyes 1.1000

AUDNZD
APACAustraliaNew ZealandBulletGlobalForeign Exchange BulletsRegionMarkets
  • The AUD/NZD rose 0.63% to 1.0959 on Tuesday, closing at its highest level since Aug 22. The move was largely driven by the drop in the NZD following rate cut expectations increasing for next week.
  • The cross had been stuck trading in a very tight trading range for about a month, with upside being cap by the 50 & 100-day EMA.
  • The OIS pricing was little changed on Tuesday, 17bps or about a 50% chance of a cut is priced in by December this year. While looking further out to August next year there is currently about 4 cuts priced in.
  • Initial resistance is at 1.0984 (Aug 21 highs) with major resistance seen at 1.1000 (round number) a break here would open a move to 1.1050 (August Highs), while to the downside initial support is 1.0900-10910 (20, 50 & 100-day EMA) a break here would open a mvoe to 1.0800.
  • The AU-NZ 2yr swap spread jumped 5bps on Tuesday to 17bps
  • Expiries: 1.0855 ($221m), 1.0100 ($200m), 1.1175 ($250m), 1.13258 ($370m) Oct 3 NY cut
  • The calendar is empty today
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  • The AUD/NZD rose 0.63% to 1.0959 on Tuesday, closing at its highest level since Aug 22. The move was largely driven by the drop in the NZD following rate cut expectations increasing for next week.
  • The cross had been stuck trading in a very tight trading range for about a month, with upside being cap by the 50 & 100-day EMA.
  • The OIS pricing was little changed on Tuesday, 17bps or about a 50% chance of a cut is priced in by December this year. While looking further out to August next year there is currently about 4 cuts priced in.
  • Initial resistance is at 1.0984 (Aug 21 highs) with major resistance seen at 1.1000 (round number) a break here would open a move to 1.1050 (August Highs), while to the downside initial support is 1.0900-10910 (20, 50 & 100-day EMA) a break here would open a mvoe to 1.0800.
  • The AU-NZ 2yr swap spread jumped 5bps on Tuesday to 17bps
  • Expiries: 1.0855 ($221m), 1.0100 ($200m), 1.1175 ($250m), 1.13258 ($370m) Oct 3 NY cut
  • The calendar is empty today