The New Zealand Dollar (NZD) clocked a fresh low of 0.8950 (1.1178) late Friday against the Australian Dollar (AUD) the lowest weekly close since October 2022. Monday’s action has seen the kiwi fight back to 0.9000 (1.1110) in early Tuesday, this area now acting as resistance on the chart. This week’s key data prints tomorrow with Australian CPI m/m followed by the RBNZ cash rate release just after midday, both could offer plenty of price moves. Most of the RBNZ cut of 50 points has been priced in, however if the central bank cut interest rates by 75 points to 4.00% we could get further downside moves in the NZD.
Current Level: 1.1125
Resistance: 1.1220
Support: 1.1110
Last Weeks Range: 1.0999 – 1.1179