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Narrow Ranges Persisting, Supported At $1.08

AUDNZD

Narrow ranges are persisting in AUD/NZD, moves have had little follow through in recent dealing and the $1.07/09 range seen since mid-June remains intact.

  • The pair ticked lower yesterday after the RBNZ rate decision however support came in at $1.08 and losses were marginally pared, we last sit at $1.0815/20.
  • Rate differentials, observed via 2-Year Swaps, sit at -130bps; we had been as wide as -140bps last week.
  • Bears look to break yesterday's low ($1.0802), this opens the low from 17 July ($1.0725) and 2023 lows ($1.0560).
  • On the upside bulls immediate focus is on the 200-Day EMA ($1.0839) and the high from 26 Jul ($1.0934).
  • Australia’s July Labor Market Report prints this morning with 15k new jobs expected and the unemployment rate forecast to rise to 3.6% from 3.5%.
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