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Falls To 7-Week Low

AUDNZD

AUD/NZD was pressured yesterday as the cross continues to lick lower, we now sit a touch off the base of the range that has persisted since mid-July and ~1.5% below the high from Sep 18.

  • In early dealing on Tuesday the pair sits at $1.0760/65.
  • Rate differentials, observed via 2-Year Swaps, are holding close to their widest level since mid-August last printing at -136bps.
  • The 20-Day EMA has crossed the 200-Day EMA signalling more scope for potential downside. Bears now target $1.0726 (14 Jul low) and YTD lows ($1.0560).
  • On the upside bears target a move above $1.08 to target the 200-Day EMA ($1.0843). This opens the high from 18 Sep ($1.0923), $1.10 handle and YTD highs ($1.1088).
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