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See-sawing around 200-Day EMA, Australia CPI On Tap

AUDNZD

AUD/NZD has been unable to sustain a break below the 200-Day EMA ($1.0849) in recent dealing and has been see-sawing around the measure as the pair consolidates in a narrow range.

  • The cross last prints at $1.0840/50, after rising ~0.2% yesterday trimming some recent losses.
  • Rate differentials, observed via 2-year swaps, sit at -98bps having been as narrow as -80ps mid-June.
  • Bears first look to break the $1.08 handle, from here they can target the low from May 26 ($1.0708).
  • On the upside bulls immediate focus is on the 200-Day EMA ($1.0849), from here they can target the 20-Day EMA ($1.0905).
  • On the wires in just under 2 hours is May CPI print from Australia. A rise of 6.1% Y/Y is expected, the prior read was 6.8%.

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