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Supported Below $1.08 Handle

AUDNZD

AUD/NZD found support below the $1.08 handle, the cross trimmed some of the 1.5% loss seen since mid-October and now sits above the 20-Day ($1.0836) and 200-Day EMA ($1.0830). There was no obvious headline driver with perhaps technical flows adding support.

  • In early trade on Tuesday we sit at $1.0840/45.
  • Rate differentials, observed via 2-Year Swaps, are stable and last sit at -78bps.
  • Bulls look to sustain their break of the key EMA's to target the high from 2 Nov ($1.0945), $1.10 handle, YTD highs ($1.1088) and high from 18 Oct 22 ($1.1207).
  • On the downside bears focus on a break of the low from 10 Nov ($1.0779) which opens the $1.06 handle, the low from 22 May ($1.0560) and the 2022 low ($1.0471).
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