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AUDNZD: AUD/NZD Continues Its Rangebound Trading

AUDNZD
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  • The AUD/NZD fell 0.11% to 1.0885 on Friday as the cross continues its rangebound trading having traded sideways now for about three weeks stuck above the 20 & 200 day EMAs, and below the 50 & 100-day EMAs
  • The OIS pricing was little changed on Friday, 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 4 cuts priced in.
  • The cross remains trading in a very tight range, stuck between the 50 & 100-day EMAs to the upside, and the 20 & 200-day EMAs to the down side. Initial resistance is at 1.0912 with major resistance seen at 1.0944 (Sep 23/24 Highs), while to the downside initial support is 1.0886 (20 & 200-day EMA), with a break here opening a move to the September lows of 1.0789.
  • The AU-NZ 2yr swap spread hit it's highest level since 2020 on Friday, now 17bps just off the 2020 highs of 21.5bps.
  • Expiries: 1.1200 ($1.21b) Today
  • Upcoming: Private Sector Credit at 1130 AEST
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  • The AUD/NZD fell 0.11% to 1.0885 on Friday as the cross continues its rangebound trading having traded sideways now for about three weeks stuck above the 20 & 200 day EMAs, and below the 50 & 100-day EMAs
  • The OIS pricing was little changed on Friday, 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 4 cuts priced in.
  • The cross remains trading in a very tight range, stuck between the 50 & 100-day EMAs to the upside, and the 20 & 200-day EMAs to the down side. Initial resistance is at 1.0912 with major resistance seen at 1.0944 (Sep 23/24 Highs), while to the downside initial support is 1.0886 (20 & 200-day EMA), with a break here opening a move to the September lows of 1.0789.
  • The AU-NZ 2yr swap spread hit it's highest level since 2020 on Friday, now 17bps just off the 2020 highs of 21.5bps.
  • Expiries: 1.1200 ($1.21b) Today
  • Upcoming: Private Sector Credit at 1130 AEST