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Firms Off 2023 Lows, Rate Differentials Narrow

AUDNZD

AUD/NZD has risen ~1.6% off 2023 lows that were printed last week, the pair broke through its 20-Day EMA ($1.0728) yesterday and sits at $1.0735/45.

  • Rate Differentials, observed via 2-year swap rates, have narrowed after printing a cycle low last week to now sit at -150bps.
  • Bulls look to first break the $1.08 handle, from here they can target the 200-Day EMA ($1.0873).
  • The 2023 low at $1.0588 presents as the first target for bears, a break through here opens 2022 lows at $1.0471.
  • Tomorrow's March Australian Labor Market Survey is the next risk event for the pair. Bloomberg survey expects an uptick in the headline unemployment rate to 3.6% from 3.5%.
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