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Narrow Ranges Persisting, 20-Day EMA Caps Gains

AUDNZD

AUD/NZD continues to observe narrow ranges with little follow through on moves, 1-month implied vol sits at its lowest level since mid-June. The 20-Day EMA ($1.0806) capped a brief move higher yesterday as bulls struggled to clear the $1.08 handle.

  • The pair is a touch firmer in early dealing and sits at $1.0785/95.
  • Rate differentials, observed via 2-Year Swaps, are stable and last print at -129bps.
  • Bulls look to sustain a break of the $1.08 handle and 20-Day EMA, this opens the 200-Day EMA ($1.0840) and the high from 26 July ($1.0934).
  • On the downside bears focus on a break of low from 17 Jul ($1.0725) which opens YTD lows ($1.0560) and 2022 lows ($1.0471).
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