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Consolidating Gains Above 200-Day EMA

AUDNZD
BulletMarketsForeign Exchange NewsHomepage

AUD/NZD is dealing just off its highest level since mid November, the cross rallied on Wednesday in the wake of diverging CPI prints.

  • The pair broke above its 50 and 200-day EMAs and has largely held gains through the remainder of the week.
  • Bulls look to target $1.10, opening up $1.1101, the 61.8% retracement of the Sep-Dec fall.
  • Bears firstly look to close below the 200-day EMA at $1.0908 to turn the tide.
  • The AU-NZ 2-Year Govt Bond spread is comfortably off mid-December lows (near -170bp), last around -129bp, but the rate of improvement (in AUD's favor) has picked up pace in recent dealing.
  • In the swap space, the AU-NZ 2yr spread is now back to -117bps, versus 140bps closing levels form last week, so nearly a full 25bps of improvement through this week.
Fig 1: AUD/NZD Spot & EMAs

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AUD/NZD is dealing just off its highest level since mid November, the cross rallied on Wednesday in the wake of diverging CPI prints.

  • The pair broke above its 50 and 200-day EMAs and has largely held gains through the remainder of the week.
  • Bulls look to target $1.10, opening up $1.1101, the 61.8% retracement of the Sep-Dec fall.
  • Bears firstly look to close below the 200-day EMA at $1.0908 to turn the tide.
  • The AU-NZ 2-Year Govt Bond spread is comfortably off mid-December lows (near -170bp), last around -129bp, but the rate of improvement (in AUD's favor) has picked up pace in recent dealing.
  • In the swap space, the AU-NZ 2yr spread is now back to -117bps, versus 140bps closing levels form last week, so nearly a full 25bps of improvement through this week.
Fig 1: AUD/NZD Spot & EMAs

Keep reading...Show less