The weakness in the NZD/AUD rate continues, with the cross rate falling to 0.9270. This remains historically high, but has fallen considerably from early 2024 highs, of 0.9450. The cross rate this week will be largely determined by the RBA, in their latest meeting, to be held today, 19 th March. The RBA will almost certainly leave rates unchanged, but the narrative will be crucial. If the RBA remains ‘hawkish’, we could see some more downside, on the NZD cross-rate.
Current Level: 1.0725
Resistance: 1.0850
Support: 1.0650
Last Weeks Range: 1.0713- 1.0784