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FOREX: AUDNZD Retesting Breakout, AU CPI and RBNZ Easing in Focus

FOREX
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  • Price action in recent sessions has seen AUDNZD break to a fresh two year high, with topside momentum building on a break of the Oct/Nov highs at 1.1092 and trendline resistance drawn from the 2022 highs.
  • The cross reached as high at 1.1180 on Friday, a level closely matched during early Monday trade before pulling roughly 60 pips lower into yesterday’s close and extending this pullback overnight to retest the breakout.
  • Spot remains ~2.8% above the September lows and this move has been underpinned by divergent short-term central bank expectations. Significantly, ahead of the RBNZ rate decision tomorrow, Australian CPI will also be published which should keep AUDNZD volatility firmly in the spotlight.
  • Full piece here: FX Market Analysis - AUDforeNZD 26-11.pdf

Figure 1: AUDNZD Attempts to Break Higher as AU/NZ 2yr Swap Rate Spread Approaches Highs

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  • Price action in recent sessions has seen AUDNZD break to a fresh two year high, with topside momentum building on a break of the Oct/Nov highs at 1.1092 and trendline resistance drawn from the 2022 highs.
  • The cross reached as high at 1.1180 on Friday, a level closely matched during early Monday trade before pulling roughly 60 pips lower into yesterday’s close and extending this pullback overnight to retest the breakout.
  • Spot remains ~2.8% above the September lows and this move has been underpinned by divergent short-term central bank expectations. Significantly, ahead of the RBNZ rate decision tomorrow, Australian CPI will also be published which should keep AUDNZD volatility firmly in the spotlight.
  • Full piece here: FX Market Analysis - AUDforeNZD 26-11.pdf

Figure 1: AUDNZD Attempts to Break Higher as AU/NZ 2yr Swap Rate Spread Approaches Highs