We can see nothing on the radar that could stop the surging Australian Dollar (AUD) clock 1.1025 (0.9070) the 2024 low against the New Zealand Dollar (NZD) over the coming few days. Currently the pair trades at 1.0990 (0.9100) after being at 1.0960 to open the week but the bear trend from early June’s 1.0700 (0.9345) looks well intact. This week’s economic docket is this with just the Reserve Bank of New Zealand (RBNZ) cash rate announcement tomorrow at 2pm. Its widely expected that the central bank will leave the interest rate on hold at 5.50% with punters split as to the future policy. Will the bank be dovish or keep their recent overly hawkish tone. We certainly think they will cut at least once before year end. If we see a dovish slant we could be pricing AUD buys in the 89’s before long.
Current Level: 1.1000
Resistance: 1.1030
Support: 1.0950
Last Weeks Range: 1.0926 – 1.1009