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Rally Loses Steam, AUD/NZD Ignores News & Data Flow

AUDNZD

AUD/NZD trades at NZ$1.0668, little changed on the day and unfazed by gov't/RBNZ moves surrounding NZ housing market and Australian economic data. The Antipodeans outperform in G10 FX space at the margin, even as e-minis have edged lower in early Asia-Pac trade.

  • Implied AUD/NZD 3-Month fell to the lowest levels since Nov, last sits at 4.9350.
  • The pair's bounce off the YtD low has stalled ahead of the nearest moving averages. A clean break above the 100-DMA at NZ$1.0677 would turn focus to the NZ$1.0715 region, which capped gains a few times in late Jan. Conversely, losses past Feb 3 low of NZ$1.0541 would reinstate bearish momentum.
  • Worth noting that bulls are on the lookout for a 50-DMA/100-DMA crossover, as the two are in a close proximity. The ascending 50-DMA currently intersects at NZ$1.0675, approaching the descending 100-DMA at NZ$1.0677.
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