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Holding Below 200-Day EMA

AUDNZD

AUD/NZD has now trimmed the entirety of the gains seen after the RBA hiked the cash rate early in the month, we last print at $1.0825/35.

  • The pair is down ~2% from the high on June 19 and fell below the 200-Day EMA yesterday and has been holding below the measure in early dealing today.
  • Bears first look to break the $1.08 handle, from here they can target the low from May 26 ($1.0708).
  • On the upside bulls immediate focus is on the 200-Day EMA ($1.0849), from here they can target the 20-Day EMA ($1.0909).
  • Tomorrow's May CPI print from Australia presents the next event risk, CPI is expected to tick lower to 6.1% Y/Y from 6.8% prior.
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