Price action in the New Zealand Dollar (NZD), Australian Dollar (AUD) was flat last week pivoting around 1.0760 (0.9295) area. Monday the Aussie is looking to regain the edge pushing up to 1.0790 (0.9270) heading into Tuesday. Today’s RBA cash rate announcement should see the rate remain unchanged at 4.35% the fifth straight meeting with investors keen to hear from Governor Bullock as to her forecast for rate policy over the medium to long term. Surely she will come off the hawkish tone of late and start to consider bringing forward rate cuts from mid-2025. The risks of the economy falling into a recession is greater if they decide to hold rates too long. We see risks to the downside for the kiwi this week.
Current Level: 1.0779
Resistance: 1.0870
Support: 1.0720
Last Weeks Range: 1.0731 – 1.0796