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Broken Below $1.07 Handle

AUDNZD

AUD/NZD has now fallen ~1.4% from its post-RBA high yesterday and is now dealing below the $1.07 handle printing its lowest level since 11 April.

  • The pair was unable to sustain its rally above the 20-Day EMA and $1.08 as weakness in US Equity markets weighed on the pair.
  • Losses have extended on Wednesday after Q1 labour data showed that the labour market remains very tight and isn’t easing.
  • Rate differentials, observed via 2 year swap rates, have widened a touch. In the wake of yesterday's RBA monetary policy decision we printed the narrowest since mid March (-125bps) before widening a touch to -140bps today. However we remain well within year to date ranges.
  • Bears look to target year to date lows at $1.0588, opening up 2022 low ($1.0471).
  • To turn the tide bulls first look to break the 20-Day EMA ($1.0770).
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