April 17, 2024 22:30 GMT
AUDNZD Edges Lower, Breaks 20-Day EMA Ahead Of AU Employment Data
NZD
- AUD/NZD traded down 0.1% at 1.0875, the cross made lows of 1.0861 and a high of 1.0892, while currently hovering just below the 20-day EMA, the 14-day RSI has started to tick down after early making highs of 80.00, we currently just hover above 50. Focus will turn to AU Employment data and NAB Business Confidence due out later this morning.
- Key technical levels to watch: Initial support is 1.0861 (Apr 17 low), a break here would open a move to 1.0823 (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 -92.5bps.
- Upcoming expiries: 1.0850 ($320), 1.0900 ($400m) Apr 18th NY cut
- Looking ahead: AU NAB Business Confidence and Employment Data 11.30am AEST
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