Early Monday support for the Australian Dollar (AUD) was short lived with price bouncing off 0.9065 (1.1030) to 0.9110 (1.0980). Mid last week price dived out of the “hot” zone between 0.9020 (1.1090) and 0.9110 (1.0980) reaching 0.8945 (1.1180), but this move wasn’t to hold bouncing off the July low back into the familiar “rangy” ground. Earlier the RBNZ cut rates to 4.25% and will do so again 25-50 points at the next meeting in Feb 2025. Today’s Aussie GDP q/q should print favourably around 0.5% for the September quarter giving the AUD added puff. We expect the kiwi to head into Christmas under pressure.
Current Level: 1.1022
Resistance: 1.1150
Support: 1.0980
Last Weeks Range: 1.0989 – 1.1168