Consolidation in the New Zealand Dollar (NZD), Australian Dollar (AUD) pair still looks the theme this week after the bull run to 1.0950 (0.9130) collapsed. The past 10 days the cross has been pivoting around the 0.9180 (1.0890) zone with little bias in any direction. The kiwi managed to reach 0.9212 (1.0855) late in the week but the Aussie looks to want to get on with it into Tuesday as it eyes the bottom of the recent band. Australian CPI prints tomorrow and is expected to slow sharply to 3.4% from 4.1% in the fourth quarter. We predict the AUD to be well supported over the rest of the week.
Current Level: 1.0899
Resistance: 1.0960
Support: 1.0850
Last Weeks Range: 1.0854- 1.0918