Higher for longer- the RBA mantra keeps the AUD in control broadly, against the New Zealand Dollar (NZD) the AUD is slightly up this week trading at 0.9175 (1.0900) in early Tuesday. However, for any real price moves we will need to see the cross break outside the range between 0.9140 (1.0940) and 0.9215 (1.0850) we have seen over the last fortnight. With central bank divergence and fib levels coming into play we feel a retest of 0.9140 (1.0940) is most likely this week carving out a longer-term trend towards 0.9000 (1.1100). NZ Business confidence up at -1% from -44% q/q has given the kiwi a small push before Aussie Retail Sales releases later today.
Current Level: 1.0897
Resistance: 1.0950
Support: 1.0850
Last Weeks Range: 1.0848 – 1.0942