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Lowest Since May, Rate Differentials Tick Wider

AUDNZD

AUD/NZD printed its lowest level since late May yesterday, marginally paring losses as support came in ahead of the $1.07 handle.

  • In early dealing this morning the pair sits little changed from opening levels at $1.0725/30.
  • Rate differentials, observed via 2-Year Swaps, continue to tick wider and sit at -140bps.
  • The 20-Day EMA has crossed the 200-Day EMA signalling more scope for potential downside. Bears now target a break of the $1.07 handle and YTD lows ($1.0560). From here they can target 2022 lows at $1.0471.
  • On the upside bears target a move above $1.08 to target the 200-Day EMA ($1.0840). This opens the high from 18 Sep ($1.0923), $1.10 handle and YTD highs ($1.1088).
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