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Narrow Ranges Persist

AUDNZD

AUD/NZD sits well within the recent range as narrow ranges persist this week, the cross is consolidating after printing its lowest level since May on Monday.

  • In early dealing this morning we sit at $1.0655/60.
  • Rate differentials, observed via 2-Year Swaps, remain stable at -138bps.
  • Technically the pair sits in a downtrend, bears target a break of the $1.06 handle which opens the low from 22 May ($1.0560) and the 2022 low ($1.0471).
  • To turn the tide bulls look to break the 20-Day EMA ($1.0724) and the 200-Day EMA ($1.0825).

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