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Pares Gains After Resistance Ahead of $1.09 Handle

AUDNZD

AUD/NZD finished August up ~0.5%, narrow ranges persisted for the most part, in yesterday's trade the pair printed its highest level since late July however gains were pared as resistance was seen ahead of $1.09.

  • In early dealing on Friday the pair is a tough firmer last printing at $1.0870/75.
  • Rate differentials, observed via 2-Year Swaps, sit well within recent ranges at -126bps. We had been as wide as -144bps in mid-August.
  • Bulls look to target a break of the high from 31 Aug ($1.0897), this opens the $1.10 handle and YTD highs ($1.1088).
  • On the downside, bears target a move through the $1.08 handle opening up $1.0726 (14 Jul low) and YTD lows ($1.0560).
  • Due at the top of the hour we have flash Mfg PMI from Australia and also due today is July Home Loans. Further out the RBA's monetary policy decision on Tuesday is the next macro risk event for the pair.
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