The cross-rate reached highs of 0.9450 late in February 2024, before the ‘dovish’ RBNZ statements and their last interest rate decision. The RBNZ surprise rate cut in August sent the cross rate spiralling lower, dipping below 0.9000 at the beginning of August. RBA has shown no signs of rate cuts, but the NZD has made a recovery, to trade back above 0.9150. The interest rate differential may grow, so the cross rate will surely have some downside risk.
Current Level: 1.0946
Resistance: 1.0990
Support: 1.0810
Last Weeks Range: 1.0940 – 1.0970