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Breaches $1.07, Australia Q3 GDP Due Shortly

AUDNZD

AUD/NZD was pressured yesterday's falling ~0.5% after a neutral hold by the RBA.

  • The pair breached the $1.07 handle and sits at $1.0680/85 in early trade today.
  • Bears now target $1.0624 (low from 9 Oct), a break through here opens $1.0560 (low from 22 May) and $1.0471 (2022 lows).
  • To turn the tide bulls look to first break the 20- ($1.0786) and 200-Day EMAs ($1.0825), this opens $1.09 handle and high from 19 June at $1.1056.
  • Rate differentials observed via 2-Year Swaps have ticked wider post RBA. We now sit at -95bps, having been as narrow as -68bps in late November.
  • A reminder that Australia Q3 GDP crosses in ~45 minutes, Y/Y GDP growth is expected to moderate to 1.9% Y/Y from 2.1% Y/Y.
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