The New Zealand Dollar (NZD) started the week as it closed, extending price to 0.9200 (1.0870) against the Australian Dollar (AUD). The chart confirms we are sitting at the top of the bear channel. A break above 0.9220 could confirm further support for the kiwi, we predict a retrace to the lower band at 0.9160 (1.0920). On the docket this week is the RBA minutes from the last monetary policy meeting on the 5th of September, the RBA reinforcing recent rhetoric around rates remaining high for extended periods but reserve the right to hike if data reflects. Lowering rates in 2024 are still on the cards. Later in the week is NZ second quarter GDP- predicted to release around 0.4% bringing the country out of a technical recession.
Current Level: 1.0877
Resistance: 1.0930
Support: 1.0750
Last Weeks Range: 1.0812 – 1.0916