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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUDNZD
AUD/NZD was firmer yesterday, rising ~0.4% in yesterday's trading after a softer than expected Q4 GDP print from New Zealand.
- $1.08 has now emerged as a key resistance level, since breaking below the handle earlier this month the cross has struggled to sustain a break of the handle.
- From a technical perspective bulls look to firstly break 20-Day EMA which sits a touch above $1.08 at $1.0812 from here they can target $1.0902 (200-Day EMA).
- Bears now target the 76.4% retracement of the Dec-Feb bull leg ($1.0617), a break through there opens 2022 lows at $1.0471.
- Rate differentials continue to widen, 2-Year Swap Rates now at -161bps the widest level since 2015. The widening in rate differentials is helping cap rallies in the cross.
Fig 1: AUD/NZD Spot
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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