AUD/NZD has been consolidating in recent dealing, rallies have been capped by the 20-Day EMA ($1.0749) and support has been seen ahead of 2023 lows at $1.0667.
Source: MNI/Bloomberg
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USDCAD bulls remain in the driver’s seat for now and short-term pullbacks are considered corrective, Sights are on the key near-term resistance at 1.3705, Dec 16 high. A clear break of this hurdle would strengthen bullish conditions and clear the way for a test of the 1.3800 handle. The support to watch lies at the 50-day EMA. It intersects at 1.3476 and a clear break would be seen as a short-term bearish development.
Tsys finish near late session highs, yield curves bull flattening - completely reversing the prior session move: 2s10s -6.376 at -89.840. Bonds lead the rally early, similar drift in EGBs with no new inflation metric surprises overnight.
AUDUSD’s February downtrend remains intact with price trading closer to its recent lows. The recent consolidation appears to be a bear flag - reinforcing the downtrend. The recent breach of both the 200-dma and 100-dma, reinforced bearish conditions and note too that the pair has cleared a trendline support drawn from the Oct 13 2022 low. The focus is on 0.6629, the Dec 20 low and the next key support. Resistance to watch is at 0.6857.