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Back Above 200-Day EMA, Narrow Ranges Persisting

AUDNZD

AUD/NZD firmed yesterday, rising ~0.4%, as weaker than forecast retail sales weighed on the Kiwi at the margins and firmer metals aided outperformance in the AUD.

  • The pair sits a touch above the 200-Day EMA ($1.0838), however narrow ranges are persisting with the cross continuing to sit in a $1.0780/1.0850 range.
  • Rate differentials, observed via 2-Year Swaps, have narrow a touch and sit at -133bps. We had been as wide as -144bps earlier in the week.
  • Bulls look to target a break of the high from 15 Aug ($1.0895), this opens the $1.10 handle and YTD highs ($1.1088).
  • On the downside, bears target a move through the $1.08 handle opening up $1.0726 (14 Jul low) and YTD lows ($1.0560).
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