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Narrow Ranges Persisting

AUDNZD

AUD/NZD has dealt in narrow ranges see-sawing around the $1.07 handle since breaking below the 20-Day EMA last week. We last print at $1.0670/80.

  • We have observed a $1.0650/1.0720 range for the most part in recent dealing with little follow through on moves through the range.
  • Rate differentials, observed via 2 year swap rates, have narrowed. We sit at -136bps after printing as wide as -160bps last week.
  • Bears look to target year to date lows at $1.0588, a break through here opens 2022 lows $1.0471.
  • Bulls first look to break the 20-Day EMA ($1.0737) to turn the tide.

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