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Narrow Ranges Persisting

AUDNZD

Narrow ranges continue to persist for AUD/NZD, in early August the cross has observed a $1.0730/1.0800 range with little follow through on moves.

  • The pair is little changed from opening levels this morning and sits at $1.0765/75.
  • Rate differentials, observed via 2-Year Swaps, remain within recent ranges last printing at -130bps.
  • On the downside bears first look to break $1.0725 (low from July 17), this opens $1.0560 (YTD low) and $1.0471 (2022 low).
  • Bulls immediate focus is on breaking the high from 3 Aug at $1.0803. This opens the 200-Day EMA ($1.0840).
  • The local docket in New Zealand is empty today. Data-wise in Australia we have Aug Westpac Consumer Confidence and July NAB Business Survey, RBA speak from Schwartz also crosses.
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