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AUDNZD Breaks Below 20-Day EMA

NZD
  • AUD/NZD was little changed on Thursday, making highs of 1.0895 and lows of 1.0870 before finishing the session at 1.0879 where we have opened on Friday. The pair is currently hovering just below the 20-day EMA of 1.0800 a hold below here could see further weakness, the 14-day RSI has been moving lower, although still holds just above 50.
  • Key technical levels to watch: Initial support is 1.0861 (Apr 17 low), a break here would open a move to 1.0826 (50-day EMA). Initial resistance is at 1.0880 (20-day EMA) above here would open a retest of 1.0920 (Apr 15/16 highs).
  • The AU-NZ 2Y swap is 1bps higher at -91bps.
  • Upcoming expiries: 1.0850 ($200m), 1.0900 ($100m) Apr 18th NY cut, while 1.0850 ($201m) for Apr 19th NY Cut
  • Looking ahead: AU CPI & NZ Trade Balance on Wednesday

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