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Pressured On Monday


AUD/NZD fell ~0.4% on Monday, falling below the $1.09 handle after printing its highest level since 22 June.

  • The pair is little changed in early dealing and last prints at $1.0850/60 sitting a touch above the 200-Day EMA ($1.0846).
  • Rate differentials, observed via 2-Year swaps, remain stable and last sit at -104bps.
  • Bears immediate focus is on the 200-Day EMA, a break through here opens $1.08 handle and the low from 17 July at $1.0725.
  • On the upside bulls first target yesterdays high ($1.0926). From here they can target high from 21 June ($1.1017) and $1.1088 the year to date high.

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