The NZD/AUD cross rate has been moving steadily lower, approaching the key 0.9000 mark. The RBNZ has adopted an aggressive rate cutting program, while the RBA holds firm, to kill the final remnants of inflation. The interest rate differentials are driving the cross lower and this is likely to continue, unless the RBA abandons its current direction.
Current Level: 1.1030
Resistance: 1.1100
Support: 1.0900
Last Weeks Range: 1.0980 – 1.1050