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Stuck Below Its 200-DMA As Sell-Off Pauses

AUSSIE-KIWI

AUD/NZD has wavered within a fairly narrow range and last trades at NZ$1.0622, a handful of pips lower. The rate attacked the 200-DMA but failed to break above there after rejecting the moving average last Thursday and Friday, even as the RSI has moved back above the 30 level, which marks the upper bound of the oversold territory.

  • The rate has taken a breather after a slide off Oct 8 high, but struggles to breach the 200-DMA, today intersecting at NZ$1.0636. A move through that level would expose the psychological resistance/23.6% recovery of the Aug 18 - Oct 30 sell-off at NZ$1.0700/01. Conversely, a dip through Oct 30 low of NZ$1.0595 would signal the resumption of the downtrend, opening up Jul 10 low of NZ$1.0566.
  • The Antipodeans have been unfazed by regional data releases, with broader flows dominating. Participants are already bracing for this week's risks, including the RBA's MonPol decision & SoMP, as well as the U.S. election & FOMC decision.
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