The RBNZ spiked the NZD/AUD cross rate back to above 0.9300 after falling sharply in October. The RBA raised rates at their Melbourne Cup meeting, under cover, but signalling inflation remains a serious issue in the economy. The cross is likely to have a trading range of 0.9200 to 0.9400 as fluctuations persist in monetary policy of Central Banks on both sides of the Tasman.
Current Level: 1.0705
Resistance: 1.0890
Support: 1.0690
Last Weeks Range: 1.0692 – 1.0850