The New Zealand Dollar (NZD) extended gains Monday against the Australian Dollar (AUD) to the 0.9140 (1.0940) level but was unable to stick around dropping back to 0.9110 (1.0980) the weekly opening area. The key psychological level at 0.9100 could come under pressure today when the RBA minutes are read by Governor Lowe, saying recently the central bank will do everything they can to bring down inflation back to reasonable levels which he predicts could be as high as 7.0% by year end. Commodity markets are back under pressure and Iron Ore has come off 146 over the last few days, trading down to 125 this morning as renewed covid fears in China sparked fresh concerns of further lockdowns. With a national holiday Friday in NZ with Matariki the cross shouldn’t deviate much from current levels.
Current Level: 0.9102 (1.0977)
Resistance: 0.9150 (1.1160)
Support: 0.8960 (1.0930)
Last Weeks Range: 0.8955-0.9108 (1.0979-1.1166)