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Testing 200-Day EMA, Australia Jobs Data On Tap

AUDNZD

AUD/NZD breached the $1.08 handle yesterday, and is testing the 200-Day EMA ($1.0822) in early dealing on Thursday.

  • The cross sits ~2% above the early October lows.
  • Rate differentials, observed via 2-Year Swaps, sits at -121bps firming from -150bps pre-NZ CPI.
  • Bulls now target $1.0923, the high from 18 Sep and the $1.10 handle. A break through here opens YTD highs ($1.1088) and high from 18 Oct 22 ($1.1207).
  • On the downside bears look to hold below the $1.08 handle to target the 20-Day EMA ($1.0744). A break below here opens the $1.06 handle, the low from 22 May ($1.0560) and the 2022 low ($1.0471).
  • A reminder that on tap today we have September employment data, a 20k rise is expected with the unemployment rate steady at 3.7%
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