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Supported At $1.08, Rate Differentials Tick Wider, RBA On Tap

AUDNZD

AUD/NZD was supported below the $1.08 handle yesterday, the pair printed its lowest level since mid-July before paring losses.

  • A narrow $1.08/09 range has persisted for the most part in recent dealing however the cross now sits below its 20- and 200-Day EMAs. AUD/NZD last prints at $1.0815/25.
  • Rate differentials, observed via 2 Year Swaps, have ticked wider in recent dealing. We sit at -117bps, having been as narrow as -100bps last week.
  • On the downside bears look to break yesterday's low ($1.0780), which opens the low from 17 July ($1.0725) and year to date lows ($1.0560).
  • Bulls target the 200-Day EMA ($1.0845), which opens the high from 25 July ($1.0919) and the $1.10 handle.
  • On the wires today we have the latest monetary policy decision from the RBA, the decision is a close call between holding rates steady and a 25bp increase. The MNI preview is here.
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