The New Zealand Dollar (NZD) slid to 0.9410 (1.0630) against the Australian Dollar (AUD) Monday but retraced and moved back to 0.9450 (1.0580) early Tuesday. A failed attempt at a reversal leaves the current bull trend in place. More upside for the kiwi look to be the likely scenario over the coming days. Tomorrow early afternoon we will get a flurry of excitement when Aussie CPI y/y is released followed 30 minutes later with the RBNZ rate announcement. Aussie CPI is predicted to come in above the current 3.4% while the jury is out on whether the RBNZ may hike from 5.50%. We think they will hold for now. Key resistance in the cross is around 0.9550 (1.0470) the 2 years high.
Current Level: 1.0590
Resistance: 1.0800
Support: 1.0470
Last Weeks Range: 1.0569- 1.0665